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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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Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
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- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Australian Coal Association
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
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