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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 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- The University of Queensland
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
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