-- China is taking advantage of lower international prices for coal and natural gas to replenish stockpiles of power fuels ahead of another long, hot summer.Gas imports through the end of April jumped 21% from the previous year, while coal purchases climbed 13%. The increase in coal in particular has defied predictions that imports would moderate from last year’s record-setting pace, and comes after domestic production posted its first quarterly drop since the third quarter of 2020.
Even as China has dramatically ramped up wind and solar in recent years, its power demand, including from electric vehicles, continues to outpace new supply, creating an ever greater need for fossil fuels. This year China’s power consumption is expected to increase 8% in the first half, with peak demand expected to surpass last year’s record by 100 gigawatts — the equivalent of adding Australia to the grid.
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