Smoke without fire

Rankings 2005

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Despite rising US coal prices and increasing global pressure to reduce emissions, coal still remains the fuel of choice in the US. But the product has long lacked a financial trading market to match that of other energy commodities. Now a derivatives market is finally showing signs of life, albeit weak ones.

Estimates say coal-fired generation accounts for 55% of total power generation, which stood at just over 1 million megawatts overall in 2003, according to US government figures. Meanwhil

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