Purpose - consideration of the theoretical and practical aspects of establishing and changing the operating modes of coal markets. The main methods of research are scientific abstractions, analysis and synthesis. Performance of work provides for the presentation of the concepts of transactions (market, hierarchy, hybrid), the definition of the main modes of functioning of existing coal markets, justification of the reasons of change of the modes of coal markets, the use of regimes to achieve a new market equilibrium, the interpretation of the results of observations in relation to Ukrainian realities. The coal markets are in the regime of economic networks (a hybrid form) most of the time and only in cases of essential violations of demand or the offer they switch over to the market modes of price balancing. At the same time, there is an activation of regimes of equilibration of the interests of market participants, which return the system to network operation. It is shown that the world coal markets mainly function in a hybrid mode, more precisely, in the mode of economic networks. Ukrainian thermal power engineering, which operates mainly in inter-sectoral hierarchy, is forced to resort to establishing a network of relationships with suppliers of coal resources, such as American companies, due to the loss of government control over anthracite sources. The pricing system for coal, currently implemented in Ukraine, is based on European market indices, which implies that its characteristic formula "Rotterdam<^>+" is groundless and leads to negative economic effects for domestic consumers of electric power.

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