Companies are listed on the GCEL, if their (thermal) coal share of revenue (CSR) exceeds a threshold of 30%. The CSR measures the revenue share of a company’s coal-related business with regard to its total revenue. In contrast to many other data providers, we include all components of the thermal coal value chain in this calculation. Next to coal mining and coal power, this includes the following business activities: exploration & drilling, mining services, coal processing, coal trading, transport & logistics, equipment manufacturing, O&M services, EPC services, transmission & distribution of coal-fired electricity, Coal to Liquids (CtL) and Coal to Gas (CtG). It does not include revenues from coke, aluminum, steel or cement production.
We calculate the CSR for all companies on the GCEL for which the required financial information is available. Where this is not the case, we provide a well-founded estimate based on data we gather from companies’ websites and publications or from third parties such as government agencies, stock markets and reliable news outlets. Upon request, we provide the details on which our estimates are founded. Estimates are easily recognizable as they are preceded by either > or <. If data conditions are especially poor, a CSR estimate cannot be provided.
If the necessary data is available, we provide a company’s CSR (thermal), which only takes thermal coal-related business activities into account. In this case, the respective percentage is marked in red in the download table.
Companies are listed on the GCEL if their coal share of power production (CSPP) exceeds the 30% threshold. Urgewald determines two types of CSPPs for utilities: a generation-based CSPP and a capacity-based CSPP. Wherever the relevant data is available, we use the generation-based CSPP as it depicts the coal share of the real electricity output of a utility. Thus, it provides more explanatory power than a capacity-based CSPP, which solely reflects the potential performance of a company’s power plants. We only provide the capacity-based CSPP if utilities do not report their generation numbers. The calculation method for both CSPPs is explained hereafter:
In case the CSPP (generation-based) is not directly provided by the utility, it is calculated by dividing a company's coal-fired power generation (in GWh) by its total power generation (in GWh). This yields the CSPP (generation-based).
In case the CSPP (capacity-based) is not directly provided by the utility, it is calculated by dividing a company's coal-fired generation capacity (in MW) by its total generation capacity (in MW). This yields the CSPP (capacity-based).
Whenever the capacity-based CSPP is displayed, the respective percentage is marked in red in the download table.