Nuclear can compete purely on cost with coal. Which is fundamentally the problem. A decade ago nuclear was still legitimately the cheapest source of power but the economics have totally changed and now coal is not profitable and nuclear is likely on the way out.
We are also producing more coal than ever before (modulo the dip during covid lockdowns), and coal use is projected to increase:
"Global coal production is expected to grow at a compound annual growth rate (CAGR) of 2.3% between 2021 and 2025 to reach 8.8 billion t in 2025. While thermal coal production is expected to have a relatively marginal 2% CAGR to reach 7549.6 million t, metallurgical coal is forecast to register stronger growth of 4.2% per year, to reach 1216.9 million t in 2025."[1]
By that chart it looks like mining coal is quite profitable. On the other hand, if you're generating electricity from coal, high coal prices make generating electricity from coal more expensive, and thus less competitive with nuclear or renewables.
The price represents the intersection of supply and demand. Since supply of coal is steady, the higher price is coming from an increase in demand.
Of course coal purchasers would prefer a lower price, but the fact that the price is high is proof that there is great demand for coal. This does not mean that there is not demand for renewables, either. Both the usage of renewables and the usage of coal is predicted to increase.
Increases in coal-fired generation in Other non-OECD Asia—which includes Indonesia, Vietnam, and Thailand, among other countries—will account for over 75% of our projected increase in global coal-fired generation from 2030 to 2050. For Other non-OECD Asia, we project that renewable energy sources will account for about 60% of the generation increase over the projection period, primarily from wind and solar. Coal-fired generation will account for nearly all of the remaining growth.
