China economic focus June 2022: will power shortage come again?

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China is recovering from the Omicron lockdowns that occurred between March and May. Avoiding power cuts in this round of recovery has become the priority of the Chinese government since the widespread power rationing of September 2021. With thermal coal trading above RMB1200/t in the spot market, many suspect that power shortages may return. However, a slower economic recovery and sufficient power supply suggest that another round of power rationing is unlikely except for some extreme circumstances.

Table of contents

  • Highlights
  • Slower recovery of the economy and power demand
  • More power supply secured
  • Could there be any shocks?
  • Will there be a change in China’s long-term energy transition goals?
  • Appendix

Tables and charts

This report includes 12 images and tables including:

  • Unemployment rates remained high
  • Consumer confidence hit by lockdowns
  • Price cap for thermal coal in long-term contracts supports power generation of coal-fired power
  • Wood Mackenzie's proprietary China data
  • Manufacturing PMI
  • IP and retail sales
  • Trade
  • Inflation
  • Property
  • Investment
  • Money supply (M2)
  • Required reserve ratio

What's included

This report contains:

  • Document

    China economic focus June 2022: will power shortage come again?

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