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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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Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
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Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
Wednesday, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
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- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
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