The decline of coal-fired power could mean the fuel generates just 11% of the United States’ electricity by 2030, according to a new analysis by Moody’s Investors Service.

In 2018, coal made up 27.4% of the country’s generation, according to the U.S. Energy Information Administration. Moody’s said it maintains a stable outlook for the coal industry for the next 12-18 months, but expects utility demand to “fall significantly” over a longer horizon.

Coal companies will likely turn to increased exports as gas-fired generation and renewables displace demand for the dirtier fuel, according to the report. But the firm said that is an imperfect solution, with cash flows from exports expected to be “volatile” as Asia demand reacts to the changing economics of coal-fired power.

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