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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, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
Wednesday, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
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- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
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