China gas and power month in brief: Surging gas demand and the US$1 trillion story
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Report summary
The efforts China has made to nurture its gas market are bearing some fruit – gas demand grew by 22% year-on-year in April, driven by a continual policy push on coal-to-gas switching and improving gas economics relative to coal and oil. This dynamic emerging market is becoming more attractive to gas exporters. China and the US have stepped up their economic cooperation with a 100-day action plan that includes commitments to allow more US LNG exports to China. Uzbekistan also signed 10 energy deals worth US$5 billion with Chinese partners during the Uzbek president’s first China visit. As the energy supply glut and renewable curtailment issue lingers, the State Grid Corporation of China and Sichuan province unveiled new measures to cut curtailment and boost demand. More fundamental consolidation in the energy sector is brewing with a potential value chain integration worth US$1 trillion.
Table of contents
- Executive summary
-
Markets
- Fuel switching pushes gas demand growth to a record high
- Power demand growth slowed in April – is the rebound closer to an end?
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Policy
- US LNG exports feature in US-China 100-day plan
- Sichuan province lowers power price in bid to boost demand
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Corporate activity
- China JOVO starts to break bulk LNG in the Philippines
- Gas sales deals signed during Uzbek president's first visit to China
- State Grid targets the core to reduce renewable curtailments
- US$1trillion worth of consolidation is brewing
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Smog watch
- Some visible improvements
Tables and charts
This report includes 6 images and tables including:
- China gas and power month in brief: Surging gas demand and the US$1 trillion story: Image 1
- Monthly gas demand
- Monthly LNG demand
- Monthly power demand
- China gas and power month in brief: Surging gas demand and the US$1 trillion story: Table 1
- Beijing AQI
What's included
This report contains:
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