Coal did not peak in 2024, but 2024 is the last year for which we have complete data, the other years are estimates.

This is how you get some people predicting drops of coal and natgas. You need to be very careful with recent data esp. from China as it takes time to collect data and you are usually 2 years behind.

But really stop and think - 2026 just started. Data from 2025 is now just coming in, and you are claiming that there was a "peak" in 2024. Even given the natural variability of this stuff across the business cycle, please, please know what you are doing with this stuff.

1. Measure from business cycle peak to business cycle peak

2. Wait until the data is in.

Thank you.