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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
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