Energy Insider: China National Nuclear and CATL Form Joint Venture; Guangdong increases urban natural gas supply

In today’s Caixin Energy News Wrap: China National Nuclear Corp. and CATL to Form 50-50 New Energy Joint Venture; Guangdong Promises Urban Natural Gas Coverage Will Exceed 70% By 2025; The Chinese National Energy Administration is investigating the effects of rising prices for solar modules and the shortage of chips on the photovoltaic industry.

CNNC establishes joint venture with CATL subsidiary

CNNC Hua Yuan Titanium Dioxide Co. Ltd. (002145.SZ) of the state-owned China National Nuclear Corp. and a subsidiary of Contemporary Amperex Technology Co. Ltd. (CATL) agreed to set up a 50-50 new energy joint venture, CNNC said Thursday. The joint venture aims to encourage investment, construction and operation of comprehensive, intelligent programs for new energy such as solar and wind power generation and energy storage. The registered capital of the joint venture is 100 million yuan ($ 15.7 million).

Guangdong pledges that urban natural gas coverage will exceed 70% by 2025

Guangdong Province plans to expand natural gas coverage to more than 70% of urban households by 2025, the government said on Wednesday. By then, annual natural gas consumption is planned to reach more than 20 billion cubic meters. The government also promised to regulate natural gas prices for end users.

NEA examines guidelines for the management and pricing of the solar panel industry

China’s national energy agency is investigating rising prices in the new energy sector, including its impact on the photovoltaic industry. The regulator said it was working with relevant parties to investigate next steps and to investigate management and pricing policies for the solar power generation industry. The comments were in response to online questions about the impact of rising solar module prices and chip scarcity on the photovoltaic industry.

Sinopec’s first gas storage facility in northeast China is put into operation

Sinopec’s first gas storage facility in northeast China went into operation more than 20 days ahead of schedule in Jilin Province, the official Xinhua news agency reported on Thursday. With a peak capacity of 200,000 cubic meters per day, the daily gas requirements of 400,000 households can be met. This year Sinopec will continue construction of gas storage facilities in the Zhongyuan, Shengli, Northwest and Northeast oil fields.

Central government SOEs should reduce obsolete capacities, says Deputy Prime Minister

At the first plenary session of the leading group on carbon peaking and carbon neutrality in Beijing on Wednesday, Deputy Prime Minister Han Zheng urged central government companies to draw up plans to achieve peak carbon emissions, define goals and tasks, and take the lead, according to The Official News Agency Xinhua reported Thursday to reduce obsolete capacities and promote low-carbon, low-carbon and carbon-negative technologies.

China’s major industrial companies more than doubled their profits in the first four months

Large industrial corporations’ profits more than doubled to 2.59 trillion yuan ($ 406.4 billion) in the first four months of the year, up 49.6% year over year, according to the National Bureau of Statistics. Mining companies posted profits of 217.13 billion yuan and manufacturing profits rose 114% to 2.2 trillion yuan.

Transactions in the electricity market grow by more than 60% in the first four months

China’s power exchange centers traded a total of 1.06 trillion kilowatt hours of electricity in the first four months of 2021, a 64.2% increase over the same period last year, according to data from the China Electricity Council. The directly traded electricity amounted to 863.3 billion kilowatt hours, an increase of 69.5% compared to the same period last year, which corresponds to 33.7% of the total social electricity consumption.

Former chairman of Sichuan Energy Industry Investment sacked for corruption

Former chairman Guo Yong of the state-owned Sichuan Energy Industry Investment Group Co. Ltd. was expelled from his position and the Communist Party for receiving nearly 30 million yuan ($ 4.7 million) in bribes, according to the Communist Party’s Central Disciplinary Commission. Former deputy general manager Li Changwei was expelled from the party for receiving bribes of 10 million yuan. Both cases were referred to prosecutors.

Shanxi Province signs a strategic cooperation agreement with China Energy Investment

The Shanxi Provincial Government and China Energy Investment Corp. signed a strategic cooperation agreement on Wednesday. They will work together on innovations in energy technology and energy, including coal, thermal power, new energy and renewable energies, chemical coal processing, transportation, environmental protection and coal equipment.

MIIT examines the limitations of steel production

China’s Ministry of Industry and Information Technology (MIIT) will work with the National Development and Reform Commission and other departments to review the industry’s capacity reductions in recent years and to examine the establishment of production restrictions based on carbon emissions, pollutant discharges and total energy consumption . Lyu Guixin, MIIT inspector of extractive industries, said Thursday at the 11th China International Steel Conference. According to Lyu, key approaches to reducing carbon emissions in the steel industry include limiting crude steel production, increasing the proportion of short-process electric furnace steel, and developing hydrogen metallurgy.

Contact the editor, Bob Simison ([email protected]).

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