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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, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- PTC India Limited - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
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