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ICYMI: China’s biggest coal company is grabbing at the opportunity to build out more fossil fuel power plants before 2025 – running in contrast to the country’s climate goals of reducing emissions by 2030 and becoming carbon-neutral by 2060.
China’s total approved coal generation currently stands at 152 GW, including at least 50 GW approved in the first half of 2023 alone. The country has been rapidly increasing its permitting and construction of new projects since 2022, permitting two new coal power plants per week last year – reaching the highest level since 2015. China’s project construction is six times as large as that in all of the rest of the world’s combined, according to the Centre for Research on Energy and Clean Air.
TREASURY’S VAN NOSTRAND SAYS OIL PRICE CAP IS STILL WORKING: Treasury’s acting assistant secretary for economic policy Eric Van Nostrand said this weekend that the G-7-led Russian oil price cap is delivering on its intended goals—even as Urals prices continue to soar, and as the EU quietly increases its purchases of Russian supplies.
Other complications have emerged: Recent reports and trading data show that the EU has ramped up purchases of Russian oil refined by India and China and sent back to the bloc . The increase has sparked criticism from some, who argue that the EU’s actions directly contradict the bloc’s eight Russian sanctions packages passed last year.
"We have all of the right factors in place, but the price is very sensitive,” Uniper CEO Michael Lewis said today at the Gastech industry conference. “The price elasticity has changed. It is volatile, and the situation is potentially fragile,” he said. Added price pressure could also deter some Asian buyers, who might opt to swap out pricey LNG for coal, the world’s dirtiest fossil fuel."You're going to continue to see in Pakistan, to some extent India, to some extent China [they’ll] make choices not to take in LNG at these prices, and they'll use other fuels," Vitol CEO Russell Hardy told reporters.
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