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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
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