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Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
 Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop of 6.5% in 1Q20 when market demand was dampened by the Covid-19 outbreak. Demand from the industrial sector, the main driver of power consumption growth, surged by 23.9% yoy in 1Q21.Consumption from the tertiary sector and agricultural users also jumped by 28.2% and 26.4%, respectively, during the quarter, Fitch Ratings says in its latest report.
Demand Exceeds Pre-Covid-19Levels
Power demand gained 14.4% in 1Q21 from 1Q19, driven by the industrial sector’s 15.3% increase and the tertiary sector’s 16.5% gain. Demand from agricultural users, which accounted for only 1.1% of total demand, surged by 31.3%in 1Q21 from 1Q19, led by the upgrade of power grids in rural areas.
Higher Contribution from Tertiary Sector
The contribution of the tertiary sector to consumption rose to 17.3% in 1Q21, from 16.7% in 1Q20. Tertiary demand was marked by the rapid consumption growth of information and technology services, which jumped by 26.5% on average in the past two years due to the fast development of big data, cloud computing and internet of things sector. Demand from the charging and battery swapping industry shot up by 92.2% on average in 2019 and 2020, the result of faster growth in the new-energy vehicle sector.
Thermal Power Underpins Generation Growth
Power generation rose by 19% yoy in 1Q21, primarily driven by thermal power’s output increase of21.1%, accounting for 73% of total power supply, which was 7pp higher than 2020. This was because of the higher output from heating power co-generation thermal units, and lower wind and solar contribution in winter.
Fuel Mix Continues to Improve
The proportion of coal-fired power capacity in China’s fuel mix decreased to 48.8% in 1Q21, after dropping to below 50% for the first time byend-2020. Fitch Ratings expects the share to drop in 2021, as China is promoting renewable energy to achieve net zero emissions by 2060. China added 23.5GW in power capacity in 1Q21, 55% of which were non-fossil fuels, including 5.33GWin solar power capacity, a 56% yoy gain, and 5.26GW in wind power capacity, a 123% jump. China also added 1.15GW in nuclear power capacity and 1.09GW in hydropower capacity in 1Q21.
Improving Coal-Fired Power Plants’ Flexibility
The report further noted that, some provinces, such as Shandong, have extended the service life of some large and efficient coal-fired power units, which also supply heat and have met environmental protection requirements This will ensure a stable power supply as renew able energy is usually affected by the intermittent nature of its source.
Utilisation Hours Improved in1Q21
Utilisation hours (UH) rose by 97 to 915 in 1Q21 from 1Q19 as power demand recovered further. Wind power UH improved by 69 hours to 619 hours, while solar power UH increased to 300 hours, up by 10 hours from1Q19. Yunnan, Sichuan and Jiangsu were the top-three provinces with the highest wind UH, while north-east and north-west China had the highest solar UH.
Thermal and nuclear power UH surged by 165 and 218, respectively, from 1Q20 due to strong consumption growth, higher connection priority for heat-power co-generation in the heating season, and lower output of hydropower, whose UH fell by 21 as a result of lower water flow.
Thermal power capacity installation rose by 10.6GW in 1Q21, including 4.77GW coal-fired power and 2.95GW gas-fired power, some of which were used for peak shaving. We expect renewable energy to continue to drive China’s power capacity installation in the rest of 2021 as the state is pushing for renewable energy to achieve carbon neutrality by 2060.Generation capex in 1Q21amounted to CNY79.5 billion, including 49.4% in wind, solar and biomass, 30.8% in hydro and 9.7% in nuclear. Capex contribution from thermal power fell to 10.1% in 1Q21, from 10.5% in 2020, under the government’s restrictions on thermal power installations given the environmental ramifications.
High Coal Prices to Squeeze Power Generating Companies’ Profit
Coal production rose 16% yoy to 970 million tonnes in 1Q21, slower than the 22% growth of coal-fired power output, resulting in higher coal prices. The Qinhuangdao 5,500 kcal/kg coal price rose 72.6% yoy to CNY 801/tonne by end April-2021. High coal prices will squeeze power generating companies’ profit and operating cash flow, which will be worsened by a lower coal-fired power tariff due to higher market trading volume.
By: Ms.Zhihua Zhang | Ms. Diana Xia
Fitch Ratings, China
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Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
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