BEIJING - The largest provincial economy in China's northeast rust belt on Monday warned of worsening power shortages despite government efforts to boost coal supply and manage electricity use in a post-pandemic energy crisis hitting multiple countries.
The biggest economy and largest consumer of power among the three provinces making up China's rust-belt industrial region, Liaoning has been hit by widespread power cuts since mid-September. A level-two alert indicates a power shortage equivalent to 10-20% of total demand for power. The drop in output from power plants followed tightening supply and soaring prices for coal, which is used to generate more than 70% of electricity in the region.
China is taking steps to try to alleviate tightness in the domestic coal market by pushing local mines to increase output, ING analysts said in a note to clients on Monday. Meanwhile, high coal costs continue to pressure utilities. China's thermal coal futures rose 8% to hit a daily upper trading limit shortly after trade started on Monday.
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ANCALERTS - 🏆 26. / 50 Read more »