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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Planning Commission, India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
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