This document discusses the future of coal and analyzes factors that influence coal demand. It notes that while coal prices have remained stable over 25 years, gas prices are now 40% higher than in 1991. Coal remains very hard to challenge economically. However, coal demand in China may be responding to policies, and policies are getting tougher on coal. In the future, coal may have to compete harder as policies exacerbate long-term impacts and alternatives like renewables become relatively cheaper.