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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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- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
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