The world's top coal consumer relies on coal for 60% of its electricity.
Last year, lower domestic coal production led to a weeks-long power crunch that hit manufacturing across the world's No. 2 economy.
Yu Zhai, senior consultant at Wood Mackenzie, said that power plants also favour low quality cargoes which are cheaper and help reducing loss from electricity generation.While China is the world's largest coal importer and number two importer of liquefied natural gas , the country depends primarily on domestic fuel supplies for power needs, and controls local power and fuel prices and domestic coal output to try to ensure sufficient affordable power is available.
With industrial activity picking up after recent COVID-19 lockdowns, traders said the higher proportion of lower quality coal means there may not be enough coal supply on hand to meet substantially higher power needs. Though Indonesia also produces some high heating-value coal, it's more expensive and mainly sold to Europe.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran cuts electricity to licensed crypto miners: BloombergIran will cut the power supply to crypto miners from 22nd June of this year as it faces increased demands in power.
Read more »
NFT platforms in China grow 5X in four months despite government warningsDigital collectible's popularity touched new highs in China despite its regulatory risks. Over the past four months, NFT platforms grew from 100-to 500.
Read more »
Mandatory face masks reintroduced at Manx Care sites after Covid spikeFace coverings are compulsory again in healthcare settings after a surge of Covid after the TT.
Read more »
‘The Situation Is Serious': Germany Plans to Fire Up Coal Plants as Russia Throttles Gas SuppliesGermany says it will compensate for a cut in Russian gas supply by increasing the burning of coal — the most carbon-intensive fossil fuel in terms of emissions.
Read more »
Biden officials downplay recession risk — despite experts’ warningsTreasury Secretary Janet Yellen claimed on ABC that a recession is not inevitable, though she foresees the US economy slowing down in the months ahead.
Read more »
Analysis: Italian banks' government debt risks: real or just deja-vu?A plunge in shares in Italian banks, sparked by rising government bond yields, has reawakened memories of the 2011-12 debt crisis and rekindled concerns over lenders' vulnerability to sovereign risks.
Read more »