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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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Showing 101 to 105 news of total 6871 |
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- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Planning Commission, India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
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