Energy Insider: China’s Power Usage Hits Daily Record; Great Wall Recalls 16,000 EVs
In today’s Caixin energy news wrap: China’s steel industry is drafting a roadmap to reach carbon neutrality; the country’s exporters may face rising costs with EU’s new carbon border tax; China’s rare earth elements exports rise 49% in June
Steel industry braces for curbs under carbon neutrality plan
China’s steel industry is preparing a draft plan that would force companies to curb production and capacity, optimize steelmaking processes and consolidate around larger players to bring the heavily polluting industry in line with the country’s ambitious carbon neutrality goals. The draft is being distributed for comment. The plan maps out the carbon reduction potential of the industry and identifies key tasks for reaching specific goals.
Chinese steelmakers upgrade facilities to cut emissions
A total of 237 steelmakers in China completed or are in the process of technology revamps to meet ultra-low emission targets. The companies have combined capacity of 650 million tons of crude steel, accounting for 61% of China’s capacity, according to He Wenbo, chairman of the China Iron & Steel Industry Association. Twelve steelmakers with combined capacity of 84 million tons have completed technology upgrades and assessments. Among them are Hebei Shougang Qianan Iron & Steel Co., Shougang Jingtang Iron & Steel Co. Ltd. and Taiyuan Iron & Steel Group.
China’s heavy industries face profit pressures from EU carbon border tax
Chinese exporters face added costs and pressures on profits from the EU’s planned carbon border tax, which aims to help meet aggressive emission reduction goals, analysts said. The European Commission announced a plan Wednesday to levy a tariff on carbon-intensive imports such as iron and steel, fertilizer and electricity generation. In 2020, China shipped 2.1 million tons of iron and steel to the EU, accounting for 4% of its total exports of the commodity.
China’s electricity consumption hits daily record
China’s daily power consumption climbed to new highs as the country experienced its first electricity usage peak of the summer. Daily power consumption set a record July 14 of 27 billion kilowatt-hours, 10% more than last summer’s peak. Power loads on regional grids in 11 provinces and regions set records amid high temperatures. In the face of rising power demand, the central government said it would release more than 10 million tons of coal from national reserves.
Great Wall Motors recalls 16,216 EVs over battery concerns
Great Wall Motors, China’s largest sport-utility vehicle maker, is recalling 16,216 of its Ora iQ electric vehicles (EVs) assembled between July 7, 2018, and Oct. 30, 2019, citing battery safety concerns. The Great Wall EVs were found to have faulty battery management systems, which could cause declining performance and potential fire hazard in extreme situations, the State Administration for Market Regulation said. The carmaker said it will replace battery modules if necessary.
Great Wall unit puts cobalt-free battery into mass production
Great Wall Motors said its SVolt Energy Technology Co. Ltd. unit put a cobalt-free battery into mass production July 16 in a world first. For years battery makers have sought a way to produce high-energy batteries without the toxic, scarce, expensive metal that’s linked to human rights abuses. SVolt said its cobalt-free battery has an energy density of 240 watt-hours per kilogram, offering high safety, high energy density and low cost compared with widely used batteries made with cobalt. Energy density of a battery determines the range of an electric vehicle.
Tianjin to build energy storage project with capacity of 400 megawatts
State Grid Integrated Energy Service Group Co. Ltd., a wholly owned subsidiary of electric utility giant State Grid Corp. Ltd., signed a cooperation agreement with the government of Tianjin in northern China to build new-energy storage projects with capacity of at least 400 megawatts over the next five years to promote the development of energy storage facilities in the port city.
China’s rare earth elements exports rise 49% in June
China exported 9,071 tons of rare earth minerals and products in June, up 49.4% from a year earlier, data from the General Administration of Customs showed. Export volume was 51,600 tons in the first half, up 25.3% year-on-year. Imports of coal and lignite reached 28.39 million tons in June, up 13.1% from a year ago, bringing January-June imports to 140 million tons, down 19.7% year-on-year.
World’s largest specialized oil production storage vessel sets sail
The world’s largest floating production storage and offloading (FPSO) vessel left port in Haimen, Jiangsu province, July 18. An FPSO tanker connects an undersea oil well to a drilling platform through a system of hoses and oil transportation platforms. Built by China Merchants Heavy Industry (Jiangsu) Co. Ltd. for an enterprise in Monaco, the tanker has oil storage capacity of 2 million barrels and a value of 2.7 billion yuan ($417 million). The tanker has world’s largest tonnage and storage capacity.
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