Markets & Crypto
The Kobeissi Letter
Public Telegram feed monitored for macro-market headlines and commentary.
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The power revolution is next:
Annual thermal power plant additions surged +70% YoY in 2025, to ~92 gigawatts, the largest annual increase since data began in 2008.
This is also +28% above the prior peak of ~72 gigawatts set in 2015.
The pipeline of future plants is growing even faster, with Chinese firms submitting approval requests for 51 gigawatts of new coal capacity in Q1 2026 alone.
At this pace, 2026 is on track to surpass the record 162 gigawatts of new proposals filed across the full year of 2025.
This comes as China continues to promote coal as a reliable backup when wind and solar power are unavailable, while simultaneously pledging that coal use will peak before 2030.
Meanwhile, China is also aggressively expanding nuclear capacity, with 39 reactors currently under construction, nearly 5 times more than India, which is in 2nd place, at 8 reactors.
Energy is the next hot commodity.
(@TheKobeissiLetter)