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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, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
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