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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, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
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