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Energy Report China 2nd Quarter

  • ID: 3169497
  • Report
  • April 2021
  • Region: China
  • 17 Pages
  • The Economist Intelligence Unit
China is the world's largest energy consumer, accounting for one-quarter of global consumption. However, average energy consumption per head is low, at one-third of the level in the US. The Economist Intelligence Unit estimates that China's energy consumption was 3.4bn kilotonnes of oil equivalent (ktoe) in 2020, a slight rise of 1.6% from 2019. We forecast that this consumption will grow strongly in 2021 (by 4.1%), and increase modestly until 2027. By 2030 total energy consumption will be at 3.8bn ktoe.

Gas use will increase strongly in the near term, contributing to average annual growth of 3.8% in 2021-30, as residents and industries move away from coal-fired power, leading to a gradual decline in coal use from 2025. Nevertheless, coal will remain the main source of power generation throughout the forecast period, but will lose some of its share in the power mix to renewables, nuclear and natural gas. Growth in oil consumption will average 1.6% in 2021-30, but will be fairly strong in 2021 (over 9%) as China's GDP bounces back from the impact of the coronavirus (Covid-19).

By 2030 all renewables, including hydro and non-hydro sources, will account for about 40% of power generation, with significant builds in capacity for solar and wind. The shift towards renewables, gas and nuclear will cause the share of coal to fall to 45% of power generation by 2030, from 64% in 2020.

Industry List: Coal, Energy, Electricity, Energy, Energy, Energy, Energy policy, Energy, Nuclear, Energy, Oil and gas, Energy, Renewables, Energy, Risk and return
Industry Codes (NAIC): 22;22;336
Industry Codes (SIC): 37;49;49
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Energy Report China 2nd Quarter

Energy report: Overview

Energy report: Energy policy

Energy report: Oil and gas

Energy report: Electricity

Energy report: Coal

Energy report: Nuclear

Energy report: Renewable energy

Energy report: Risk and return
Note: Product cover images may vary from those shown