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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Australian Coal Association
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
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