Full Year 2022 Whitehaven Coal Ltd Earnings Short Overview Video Transcript
Hello. I'm Paul Flynn, Managing Director and CEO of Whitehaven Coal. It's my pleasure to provide an overview of the very strong result delivered by our team in the 2022 financial year.
Let me start with some important market context. With a long-term shortfall investment in all fuels needed to supply base electricity through the energy transition, a preexisting gap in supply demand was observed by many industry commentators. With the effects of COVID-19, this gap has widened and being brought forward, especially in the high-quality, high-CV thermal coal market. This year, we saw the global energy supply shortfall become even more pronounced due to the conflict in Ukraine and associated sanctions against Russian coal, gas and oil.
Australia produces some of the highest quality seaborne coal in the world, and Whitehaven's thermal coal is the highest quality in Australia. One of the main competitors in the high-CV market is, in fact, Russian coal. So with the likelihood that Russian coal will be taken out of the markets of Europe
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