Caixin
May 24, 2022 01:13 PM
ECONOMY

China’s Economic Recovery Faces New Hurdle in Rising Power Costs

The Xiaoshan Power Plant in Hangzhou, East China’s Zhejiang province, on July 16. Photo: VCG
The Xiaoshan Power Plant in Hangzhou, East China’s Zhejiang province, on July 16. Photo: VCG

(Bloomberg) — Two of China’s biggest provinces are raising power rates for factories amid increased environmental scrutiny and higher fuel costs, adding another obstacle to hitting economic growth targets.

Jiangsu, the country’s second-biggest provincial economy, has increased tariffs for nearly 30 large factories either because they missed energy efficiency targets or are using outdated equipment. Its neighbor to the south, Zhejiang, is seeking feedback on a proposal to boost rates for more than 600 factories to cover higher natural gas costs.

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