Coal demand reached an all-time peak in 2022. Prices reached levels not seen for over a decade. China is permitting two new coalfired power plants a week and Germany is burning lignite to meet its power demand. Traders reaped huge rewards trying to connect a fragile, disrupted, supply chain. As the world strives for the energy transition, removing coal from our power mix is vital. Financiers and public companies have made firm commitments to this. This has pushed the coal supply chain into ever more private hands and into a more opaque and volatile arena. What is the coal market? What is its structure? How is it traded? And where is it headed? Our guest is Hayn Park, Head of European Energy Trading at DRW and a veteran energy trader.