[relativitypro]

Energy markets are highly subsidized, in China too.

To have this discussion, one needs to include information about the entire energy market. If you heavily subsidize low-no carbon footprint sources, you devalue the others.

Additionally you need to separate base load sources from load following sources. Load following coal plants might be more prevalent by number (ie 95%) and in direct competition with natural gas. The smaller the total energy output the more competition you have from solar and wind, which are highly subsidized and reduce margins.

Reuter’s would do better to give this proper context.