Energy Insider: Shandong Faces Summer Electricity Shortfall; Titan Wind Energy Projects Profit Surge
In today’s Caixin energy news wrap: Shandong faces summer electricity shortage; Chalco issues $62.7 million of carbon neutrality bonds; Titan Wind Energy expects net profit increase of 40%–60% in first half; China Yangtze Power becomes Shanghai Electric Power’s second-largest shareholder.
Shandong faces summer electricity shortages
Eastern China’s Shandong province with a population of 101.5 million faces an insufficient supply of power for the summer electricity consumption peak, and supply of power from outside the province is uncertain, the provincial energy bureau said. The province’s maximum power supply capacity is 94 million kilowatts, while its highest power demand is expected to reach 96 million kilowatts during peak periods this summer. In the case of large-scale extreme weather, demand could even reach 100 million kilowatts.
Dongfang Electric Heating wins $17.6 million heater supply bid
Zhenjiang Dongfang Electric Heating Technology Co. Ltd. (300217.SZ) won bidding through a wholly owned subsidiary to make 14 radiant electric heaters as part of a capacity replacement project for GCL-Poly Energy Holdings Ltd., Dongfang said. The total bid came to 112 million yuan ($17.6 million).
Titan Wind Energy expects net profit increase of 40%–60% in first half
Titan Wind Energy (Suzhou) Co. Ltd. (002531.SZ) said it expects to achieve net profit of 760 million yuan ($119.1 million) to 869 million yuan for the first half of 2021, a year-on-year increase of 40%–60% from 2020. The company identified two factors. The new-energy industry continues to boom around the world, presenting a favorable development trend as wind energy in particular has ushered in new opportunities and challenges. In addition, the company’s market share expanded.
Chalco issues $62.7 million of carbon neutrality bonds
Aluminum Corp. of China Ltd. (601600.SH) issued 400 million yuan ($62.7 million) of carbon neutrality bonds with a maturity of 269 days and a coupon rate of 2.6%. With Bank of Communications and China Everbright Bank as joint lead underwriters, the carbon neutrality bonds were issued in the National Inter-bank Bond Market. The proceeds will be used to repay loans of a Chalco subsidiary for a green wind power project, the company said.
China Yangtze Power becomes Shanghai Electric Power’s second-largest shareholder
China Yangtze Power Co. Ltd. (600900.SH) invested 1 billion yuan ($156.8 million) in Shanghai Electric Power Co. Ltd. (600021.SH), Shanghai Electric said Tuesday. The investment made Yangtze Power the second-largest shareholder with 14.21%. Yangtze Power said it plans to hold the stake for the long term.
Gansu drafts development plan for new-energy industry chain
The Gansu provincial government Monday distributed a draft document on developing new-energy industry chains. It demands faster improvements to the green ecological industry system and the safe, efficient utilization of clean and low-carbon energy. The northern China province’s government will focus on reinforcing the new-energy industry chain within traditional industries, supplementing the new business chain in emerging industries, extending the upstream and downstream industry chain in key fields and adding a chain for new-energy power generation and distribution, according to the document.
Contact editor Bob Simison (email@example.com)
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