Insight
China gas and power month in brief: winter gas market looking more balanced
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
As we entered the winter heating season in November, more evidence emerged to support our view that moderate gas demand will reduce the threat of winter gas shortages. Mild temperatures, higher gas prices for power generation and industrial users, and the restarting of coal-fired emergency backup units all point to a demand profile that could fall short of previous expectations. China has mobilised all gas sources to balance the market. Central Asian pipeline imports stay high. Tanks and underground storage are fully loaded. And more connecting pipelines have been commissioned to improve gas grid interconnectivity, allowing more flexible gas flows through various sources to feed demand centres. This winter gas market looks more balanced.
Table of contents
- Executive summary
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Markets
- Moderated demand and raised supply will better balance gas market this winter
- Strong power demand and slowing capacity buildout improve utilisation
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Policy
- Beijing restarts mothballed coal-fired units to ease gas supply tightness
- Non-residential gas prices to rise during winter heating season
- Third draft of renewable portfolio standard implies major backlash
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Corporate activity
- FSRU Höegh Esperanza adds 170,000m 3 storage capacity to CNOOC Tianjin terminal
- ENN acquires Toshiba's US LNG business
- Sinopec Ordos-Anping-Cangzhou pipeline Phase 1 commissions
- CNOOC signs mid-term contract with Petronas
- Panzhihua receives gas from Myanmar via CNPC Chu-Pan pipeline
- SOE reform fuels Huadian-Datang merger proposal
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Smog Watch
- Three waves of smoggy days hit Beijing
Tables and charts
This report includes the following images and tables:
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Monthly gas demand, bcmMonthly LNG imports, MtBeijing AQIMonthly power demand, Twh
What's included
This report contains:
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