China Gas and Power Month in Brief: Demand Growth Meets Seasonal Slowdown

  • ID: 4542502
  • Report
  • Region: China
  • Wood Mackenzie
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China's energy sector transitioned into off-season mode in March. Gas and power demand growth dropped compared with the first two months. LNG imports remained strong in the first quarter, but high spot prices are beginning to erode demand from industrial and petrochemical sectors. Recognising the importance of reasonable energy pricing in increasing the competitiveness of its manufacturing industry, China wants to cut power tariffs for common industrial and commercial users. To make shale gas more affordable, China has also reduced the resource tax for shale gas development. China has been planning for the next heating season. Hebei province will shift its policy focus away from gas switching to electricity substitution this year. Electric heating using renewable energy is also crucial in the policy framework. The government has announced regulations to boost distributed wind and solar PV development by offering incentives. Clean and local heating initiatives will gain more traction.
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  • Executive summary
  • Markets
  • Gas demand growth set to slow as winter ends
  • Power demand growth returns to normal
  • Policy
  • NDRC reduces power tariffs for common industrial and commercial users
  • China cuts resource tax to stimulate shale gas development
  • Hebei opts for power over gas switching for winter heating in 2018
  • Distributed wind power sees favourable policy support
  • Distributed solar PV policy revision out for public consultation
  • Corporate
  • Smog watch
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