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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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Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
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