China's electricity and coal price index fell 5.26% in April from a year earlier
On May 15, the National Development and Reform Commission (NDRC) website published the national electricity and coal price index in April 2019. In April, the national electricity and coal price index was 495.26 yuan/ton, down 1.01% annually and 5.26% year-on-year. From the point of view of
provinces, the top three price indices of electricity and coal in April are Guangxi, Jiangxi and Hunan, which are 688.09 yuan/ton, 663.62 yuan/ton and 625.5 yuan/ton, respectively. The ring ratio changes by 1.33%, 0.4% and -2.81% respectively, and decreases by 7.65%, 3.98% and 6.43% respectively. In April, Xinjiang, Mengdong and Mengxi ranked the third in the price index of electricity and coal, which were 249.94 yuan/ton, 255.26 yuan/ton and 273.18 yuan/ton, respectively. The ring-to-ring ratio increased by 0.15%, 0.76%, 0.52%, 6.03%, 3.76% and -1.1% respectively.
From the first three situations of ring-to-ring ratio increase and decrease, the price areas with the greatest decrease in electricity and coal price are Gansu (-5.54%), Shanxi (-5.27%) and Yunnan (-4.65%); the price areas with the greatest increase in electricity and coal price are Shanghai (3.68%), Hainan (1.38%) and Guangxi (1.33%).
In terms of the first three cases of year-on-year increase and decrease, the price areas with the greatest decrease in electricity and coal prices are Hainan (-15.23%), Fujian (-11.89%) and Tianjin (-11.09%). The price areas with the greatest increase in electricity and coal prices are Xinjiang (6.03%), Heilongjiang (5.67%) and Qinghai (3.99%).
Among the 31 provinces and cities monitored (excluding Beijing), prices in Gansu, Sichuan, Heilongjiang and other 22 regions have declined in varying degrees, and the range of downward provinces and cities has narrowed to less than 27.44 yuan/ton; prices in the other nine regions have all risen, with an increase of less than 19.21 yuan/ton. Coal prices in Shaanxi and Shanxi decreased slightly in the main coal producing areas of. The coal price index of Shaanxi in April was 433.25 yuan/ton, which was 3.64% lower than that in March and 2.04% lower than that in March. In April, the coal price index of Eastern Mongolia and Western Mongolia increased slightly.
Although April was the traditional off-season demand for power coal, the market performance this year was relatively optimistic, showing a non-fading off-season situation. However, the main producing areas and port prices are polarized, and regional markets are quite different. Due to the overhaul period of hydropower superimposed power plants, the daily coal consumption of power plants has slightly decreased, and the coal price of ports is weak. However, from the point of view of the place of origin, the coal ticket is slightly tense, the resumption of coal production is not as expected, and the price of coal in the main place of origin is mainly higher than expected.
Coal and electricity, as the upstream and downstream industries which depend on each other, have been in the zero-sum game state for many years. The power industry suffers when coal price is high, and the coal industry suffers when coal price is low. Data show that in 2018, China's thermal power enterprises still suffer losses of nearly 50%, and some large power generation groups continue to suffer losses in coal-fired and heating sectors.
"Coal prices remain at a high level, which is one of the important factors. In addition, the limited role of coal-electricity price linkage is also an important reason. Xiong Huawen, deputy director of the Energy Research Institute of the National Development and Reform Commission, once said. At present, it is very important to help thermal power to reverse its loss predicament as soon as possible. "The key is to straighten out the formation mechanism of electricity price, which requires both"market coal"and"market electricity". Xiong Huawen pointed out that the current coal-electricity linkage mechanism electricity price adjustment frequency is on the low side, the adjustment threshold is on the high side, and the coal price fluctuation transmission to electricity price fluctuation time is too long.
Xiong Huawen suggested that we should speed up the optimization of the coal-electricity linkage mechanism with the goal of "small and fast tuning". The government will iron out abnormal fluctuations in electricity prices that exceed a certain range of fluctuations and affect downstream enterprises and residents. Specific support policies have been introduced for coal-electricity pooling, especially for encouraging cross-regional coal-electricity pooling. In addition, the government should support the signing of medium-term and long-term contracts and cooperation frameworks with clear quantitative and pricing mechanisms.
In addition, the state has issued policies to clarify the medium-term and long-term agreements, which can realize the market price formation mechanism of the linkage between electricity price and coal price, sales price and price of electricity products. In 2016 and 2018, policies have been issued to encourage coal-electricity pooling, especially to encourage coal and power generation enterprises to invest in the construction of coal-electricity integration projects, as well as coal. Carbon and power generation enterprises share in each other, exchange shares and other forms.
But in reality, coal-electricity pool is not suitable for all enterprises. Putting coal and electricity in a basket, there is a risk of both prosperity and loss, which is not the only way that all power generation enterprises must take. For many power generation enterprises, coal supply can be hedged through the long-term association of coal, spot and futures. At the same time, "market-oriented coal-electricity linkage mechanism" can be realized, that is, price synergy of coal and electricity, price synergy of electricity and end-user products. The key to synergy is that the upstream and downstream data are effective and transparent, supplemented by government supervision, to achieve data transparency, and to automatically link up to meet the set linkage conditions. Local governments can employ third parties to build large data platforms, unify standards and database templates, and supervise the establishment of platforms, data quality and data application by the central government.
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