Energy Insider: New Rules to Regulate Commodity Price Indexes; Power Consumption Jumps in Southern China
In today’s Caixin energy news wrap: Southern Chinese provinces consume more power amid economic recovery and summer heat; state nuclear station builder receives more orders; and Sinopec plans to add renewable energy supplies in Fujian.
China issues new rules to regulate commodity price indexes
The National Development and Reform Commission (NDRC), China’s top economic planner, issued new rules on the management of price indexes for key commodities and services as the government steps up supervision of the commodity market. Taking effect Aug.1, the rules will standardize how price indexes are compiled, improve information transparency and ensure healthy development of the market, the NDRC said.
Sinopec to increase cleaner fuel supply in Fujian
State-owned oil refiner Sinopec Group plans to expand renewable energy supplies in southern China’s Fujian province over the next five years. The Fujian subsidiary of Sinopec will build eight natural gas filling stations, 200–300 distributed solar power stations, about 200 electric car charging stations and fuel stations with both gasoline and hydrogen.
Power consumption up 23.2% in southern China
Power consumption in five southern China provinces increased rapidly and continuously this year. From January to May, electricity use in the five provinces — Guangdong, Guangxi, Yunnan, Guizhou and Hainan — reached 558.3 billion kilowatt hours, up 23.2% from a year ago. The growth was 5.5 percentage points higher than the national average. Data shows that 56.1% of the total was consumed by secondary industries, making the sector the main consumer of electricity.
With growing demand, mounting power shortages have been reported in Guangdong and Yunnan since mid-May. Meng Wei, spokesperson for the NDRC, Thursday attributed the shortfall to demand surges pushed by industrial production recovery, high temperatures and a delayed rainy season which reduced hydropower generation. The central government has taken various measures to ensure power supplies to the provinces, Meng said.
State nuclear station builder posts 58.3% order growth
China Nuclear Engineering & Construction Corp. Ltd. (601611.SH) said newly signed contracts amounted to 53.297 billion yuan ($8.3 billion) as of the end of May, up 58.3%. The company’s operating revenue totaled 33.1 billion yuan during the period. The contracts include generator installation projects for the Zhejiang Cangnan Nuclear Power Plant.
Auto and display screen industries vow greater cooperation
Six industry organizations from the electronic display screen and automobile industries issued a declaration pledging greater supply chain cooperation. The organizations include the China Association of Automobile Manufacturers and the China Optics and Optoelectronics Manufacturers Association. The organizations will rally affiliated associations and enterprises to promote cooperation between the auto industry and industries including electronic displays, semiconductors, electronic components and batteries.
Contact editors Han Wei (email@example.com) and Bob Simison (firstname.lastname@example.org)
Download our app to receive breaking news alerts and read the news on the go.
Follow the Chinese markets in real time with Caixin Global’s new stock database.
- MOST POPULAR