Energy Insider: Guangdong Kicks Off Renewable Energy Trading; China to Release Strategic Metals From Reserves
In today’s Caixin energy news wrap: China is set to release metals from strategic reserves for the first time in more than a decade; Guangdong starts spot trading for renewable energy; authorities release details on carbon trading; and the cabinet outlines a plan to develop the vast western region in the next five years
Guangdong kicks off renewable energy spot trading
Southern China’s Guangdong province launched renewable energy trading this week for generators and retailers to set up electricity supply contracts covering periods starting in July and December. Four renewable energy generators and seven retailers signed contracts during the first day of trading involving 10.48 million kilowatt-hours. The generators earned an average of 0.02 yuan more for every kilowatt-hour of power sold under the contracts compared with traditional power generators.
China to limit daily carbon price moves to 10%
Carbon emission credits traded on the Shanghai Environment and Energy Exchange won’t be allowed to rise or fall more than 10% in a session, according to a notice issued by the exchange. The maximum size of a single transaction will be less than 100,000 tons of carbon dioxide equivalent, the exchange said. The rules spell out limitations for China’s national carbon market before the expected start of trading this month.
China to release metals from strategic reserves
China will release copper, zinc and aluminum from its national strategic reserves for the first time in more than a decade, the National Food and Strategic Reserves Administration said, following a run-up in prices on surging demand from the post-pandemic global economic recovery. The administration will sell 20,000 tons of copper, 30,000 tons of zinc and 50,000 tons of aluminum via open competitive bidding on the electronic bidding platform at wuage.com between July 5 and 6.
China outlines plan to develop vast western region in the next five years
The State Council approved a plan for western development during the 14th Five-Year Plan period with emphasis on improving the business environment and encouraging innovation. China’s western region should accelerate actions to boost economic vitality, deepen market reforms, improve the business environment and promote mass entrepreneurship and innovation, said Premier Li Keqiang at a cabinet meeting. The premier pledged government support to help the region develop emerging industries, promote technology upgrades and leverage rich resources.
China Datang outlines carbon reduction goals
China Datang Corp. Ltd. published a road map to top out carbon emission before 2030 and reach carbon neutrality by 2060 in accordance with the central government’s goals for fighting climate change. The power giant will increase the share of nonfossil power generation in its total generation capacity to 60% by 2030 to reach the carbon peaking goal and increase the share further to 90% to achieve carbon neutrality.
Xinjiang Daqo debuts on STAR Market
The China Securities Regulatory Commission approved Xinjiang Daqo New Energy Co. Ltd. to launch an initial public listing on Shanghai’s STAR Market. Xinjiang Daqo, a leading manufacturer of high-purity polysilicon, submitted the listing application May 28, aiming to raise 5 billion yuan ($772.1 million). China International Capital Corp. Ltd. is the sponsor of the listing.
Guizhou Gas Group signs pipeline gas franchise agreement
Guizhou Gas Group Corp. Ltd. (600903.SH) said Tuesday its subsidiary Guizhou Gas (Group) Tongzi Gas Co. Ltd., located in Zunyi, Guizhou province, signed a pipeline gas franchise agreement for 16 towns in Southern Tongzi county with the Tongzi Bureau of General Administrative Law Enforcement. The term of the franchise is 25 years.
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