I don't know and I'm not going to pretend to. According to the info here http://old.cbbqa.org/grilling/Btuchart.html if accurate charcoal has the same BTU content as my pellets. If I'm to believe the BTU numbers on my pellets (Northern Max) they are 9000 BTU per lb. same as charcoal. I paid $279 a ton which comes out to $5.58 per 40 lb. bag which is far cheaper than charcoal. It may be cheaper, easier and warmer in the long run to just add a second small stove and use as needed to combat the cold. This is just my opinion and I have no facts to back it up other than the little I've googled.
I like the fact that you did express your opinion, and in a very courteous manner.
Charcoal briquettes are limited somewhat as they are processed in a way to make them user friendly for bbq. The processing often uses additives to aid the briquette in even burning and sometimes add a smokey flavor. Lump charcoal, or unprocessed hard wood charcoal that is not ground up and does not have additives, likely will be much less expensive to manufacture.
If you google the btu out put of soybeans you might be surprised. I'd like to experiment like broudy is doing and make a hybrid pellet using soybeans as a binder and see how they work out. I think unprocessed charcoal and cheap, rancid soybeans could make a real hot flame. Maybe? Only way to find out is to try it and see. I hope to get to it soon.