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IV. Reforms in Power Industry and the Policy Environment in the
First Half of the Year
In the first half of year 2002, the reform schemes in civil
aviation industry and power industry, and the reforms in
domestic monopoly industries continue to be the focus of general
attention. The No.5 Document of the State Council defines the
frame for the structural reforms in power industry. Under the
uniform leader and arrangement of the State Council Leading
Group on Structural Reforms in Power Industry, the departments
concerned is stipulating the concrete implementing regulations.
The power industry is actively pushing structural reforms, and
at the same time spare no efforts to evade possible risks caused
by reforms. Besides, the state puts forward some policies
influencing power supply and demand in the first half of the
year. One is that the state continues to carry out active
financial policy, planning to issue 150 billion Yuan long-term
construction state bonds in year 2002 to subsidize the
state-bond projects in operation and the new large
infrastructure construction projects. A part of 46 billion Yuan
state bonds has been issued in the first half of the year, and
it will play its role in boosting economy in the latter half of
the year and in year 2003. Another policy is, with the
completion of the first-phase project of rural network
transformation, the starting of the project of transforming
rural and urban electric networks to be at the same price.
Therefore, the State Economic & Trade Commission puts forward
regulations to boost same price in rural and urban electric
networks.
Compared with that in year 2001, the environmental factors on
the supply and demand in power market change to some degree in
the first half of this year. The same factors include: first,
economic growth rate, which is the same as and even faster than
that of last year; second, investment, which keeps quite rapid
growth rate and continues to increase; third, consumption
growth, which is almost the same as that of last year, and the
task to increase farmers¡¯ income is still not fulfilled. The
obviously changed factors include: first, the evident recovery
of international economic situations; second, the clear
acceleration of growth rate in foreign trade; third, civilian
investment has the start-up trend in growth; fourth, the greater
pressure from structural reforms in power industry; fifth, the
obvious recovery in coal supply for power generation.
Conclusion can be drawn from comprehensive analysis of the above
environment factors that the general environment has favourable
rather than disadvantageous impact on power supply and demand,
which benefits to the fast growth in power supply and demand and
also helps to guarantee power supply.
V. Impact of Supply Change in Energy Industry on Power Industry
Energy market environment. In the aspect of coal, under the
influence of state policy of shutting down some coal mines and
reducing coal production, and also due to frequent accidents in
coal industry, the state strengthens regulations on small coal
mines in year 2001, which further reduces available coal supply.
The global rise in oil price and rapid growth in export demand
broaden coal demand. Because of the intense domestic coal
demand, Chinese coal industry sees development in both supply
and demand and a large-scale rise in coal price. Some areas like
Sichuan and He¡¯nan witness short coal supply for power
generation. Ever since January 1st of this year, the state
abandons the regulatory price on coal for power generation. In
principle, coal price is set on the basis of contract price
between the buyer and seller in year 2001 and is negotiated in
reference to market supply and demand, but the rise limit is
stipulated. The rise in coal price falls to some extent in the
first half of this year, and the short coal supply for power
generation is also basically relaxed with abundant stock. For
example, the trimmed price of Shanxi quality raw coal in
Qinhuangdao port, with a heating capability of 6000 kca/kg, is
260 Yuan per ton in October, 2001, then it rises to 310 Yuan per
ton in December, 2001, and finally falls to 265 Yuan per ton in
June, 2002. The Promotion Meeting on power coal decides that the
overall growth in coal price should be limited within 8 Yuan per
ton. The rise and fall in power coal is closely related to the
operation costs and benefits in power industry, and now the once
short power coals supply is relaxed to large extent.
In the aspect of oil products, the oil price undergoes several
ups and downs due to production reduction by OPEC, the growth in
American economy and the turbulence in Middle East. Petroleum
chemical industry suffers the most from oil price fluctuation
while some coastal areas bear the greatest impact on power
demand. On the whole, changes in international and domestic oil
market have not produced too great impact on power supply and
demand by now.
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