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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
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