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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, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Planning Commission, India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
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