Energy Insider: Provinces Hike Electricity Rates Amid Rising Costs

In today’s Caixin energy news wrap: China makes unprecedented move to rein in oil prices; a Jiangsu refiner wins crude import quota; Sinopec’s gas sales rise 17.6%; and the country is pushing pumped energy storage projects.

Provinces raise electricity prices

Several southern China provinces including Guangdong, Guangxi and Guizhou raised electricity rates for peak hours to ease pressure on generators amid tightening supply and surging coal prices. Last week, several Beijing power suppliers asked the municipal government to withdraw electricity purchase contracts for the fourth quarter. The companies said they are unlikely to fulfill the contracts due to high costs.