Our work category Energy Markets

New business lines at coal producers remain largely a narrative, with limited evidence of becoming material earnings contributors or reducing coal-linked risks meaningfully.

PT Harum Energy Tbk reduced its reliance on coal revenue from 88.0% in 2023 to 34.4% in 2025..

Indonesia’s coal sector may be hitting the limits of market diversification. Its closest customers, in East Asia, Southeast Asia and India..

The Indonesian coal story has suffered an export shock inflicted by its biggest buyer, calling attention to structural changes that..

Indika’s plan to achieve a 50:50 revenue split between coal and non-coal businesses by 2028 signals a clear and measurable shift, backed by..