The fact that the axis of world energy consumption is moving east isn’t exactly new – but the International Energy Agency is finally responding to the inevitable.
As the FT reported on Thursday, the agency is seeking an association with emerging economies, including the four Bric states. So beyondbrics has put together a couple of charts that show the change in energy consumption – and where it could go in the next two decades. Continue reading »
China’s state-owned enterprises this week got a new boss. Former oil chief Jiang Jiemin (pictured), who was president and later chairman of CNPC for the past seven years, will be the new head of the State-owned Assets Supervision and Administration Commission (or Sasac for short).
Jiang’s change of sides, from oil chief to top regulator, follows a long line of top oil bosses who have gone on to prominent political roles. With reform of state-owned enterprises being one a top task facing the new government, the chairmanship of Sasac should be an important – and very political – position. Continue reading »
China’s statistics are notoriously unreliable, and oil demand is no exception.
In its Oil Market Report for February, the International Energy Agency admits that measuring it is more of an art than a science, and has announced a new methodology. While this may sound a little on the wonkish side, there is an important point: China counts for around 10 per cent of the world’s oil consumption and 40 per cent of global oil demand growth. Getting this bit right (or less wrong) is crucial. Continue reading »
Who's going to burn that?
Thermal coal is not having a good month. With eurozone concerns and slowing growth in China already dragging on commodities prices globally, coal inventories in China – the world’s biggest consumer – are near record highs. Last week, thermal coal prices hit a two-year low in Newcastle, the Australian port.
A few days ago, a US utility company took the very unusual step of declaring force majeur on coal contracts because its coal piles were full – a sign of slack demand.
Add to all this gloomy news one more item: more analysts are joining the camp that believes China might not be a long-term structural importer of thermal coal. This could mark a very important shift. Continue reading »
The trouble with being the world’s biggest energy user and sprawling across 9m square kilometers is that it is often hard to get the power where you need it.
In China, the trials and travails of the national electrical grid usually go unnoticed. The utility companies that produce China’s power and run the grid include some of the biggest companies in the world by asset size but they often fall below the radar screen since they are state-owned and primarily domestic. Continue reading »
Central Asia is mainly known for its abundant hydrocarbon reserves – but some countries in the region are already turning their attention to wind resources to produce cleaner, renewable energy.
Mongolia has set an ambitious goal to become central Asia’s renewable energy champion even as foreign investors compete for access to its huge coal mines. Strong winds gusting across the empty steppe could eventually be harnessed to produce about one quarter of the country’s energy needs. Continue reading »