Skip to content

Coal regains ground as profitability rises for US thermal power plants

Rising wholesale electricity prices in 2025 are strengthening margins for coal and gas-fired plants in the United States, with the profitability gap between the two narrowing significantly.

Coal regains ground as profitability rises for US thermal power plants

SectorCharbon
ThemeMarchés & Finance, Analyse sectorielle

Data compiled between January and November 2025 shows a marked increase in the profitability spreads of thermal power plants operating in the PJM Interconnection electricity market, the largest wholesale platform in the United States. The spreads known as “spark spread” for natural gas and “dark spread” for coal are financial indicators used to estimate net generation profitability after accounting for fuel costs.

Comments

Charbon