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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, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
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