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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- The University of Queensland
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
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