By Yongchang Chin
Chinese energy companies expanding their renewable energy business rebounded Thursday after President Xi Jinping announced that Beijing would stop building coal-fired power plants abroad as part of reducing carbon emissions.
The share of China Resources Power Co., Ltd., which has increased its solar and wind power generation by more than 50% this year, has recently increased by 14% after reaching the highest level since 2014. Increased demand for electricity has almost tripled this year. In China.
Wind farm operator China Longyuan Power Group Corp. has recently increased by 9.2%, and nuclear energy producer CGN Power Co. has increased by 7.8%.
As of June, Huaneng Power International’s share, where low-carbon energy sources account for 21% of installed capacity, increased by 8.9%. Huadian Power International Corp., which also operates a renewable energy business, has increased by 14% in the past.
Chinese energy companies continue to benefit from the signs of a domestic power crisis this year as well. Domestic electricity demand increased by 14% in the first eight months of this year, according to data from China’s National Energy Administration last week.
ANZ’s Daniel Hines said in a memo that supply could be limited due to low hydropower, partly due to dry weather. High energy commodity prices for coal and natural gas can also contribute to China’s tight electricity market as energy production costs rise.
According to FactSet, Newcastle Coal is expanding its profits to set a new record, with the last transaction up 0.6% to $ 180.50 a ton, triple the previous year’s level.
Last month’s JKM liquefied natural gas contract was finally settled at $ 26.975 / MMBtu, more than five times the previous year’s price, according to FactSet data.
In a speech to the United Nations on Tuesday, President West said Beijing would stop building new coal-fired power projects abroad and China would step up its support for low-carbon energy in developing countries. He reiterated his commitment to China limiting its carbon emissions by 2030 and achieving carbon neutrality by 2060.
Write to Yongchang Chin at email@example.com
Chinese renewable energy companies emerge after Xi vows to cut coal investment
Source link Chinese renewable energy companies emerge after Xi vows to cut coal investment