#AceNewsReport – Oct.09: Inner Mongolia and Shanxi told coal miners to lift combined annual production capacity by more than 160 million tonnes, while China’s cabinet said market coal-fired power prices may now fluctuate up to 20% from base rates, an increase on previous limits, or more for high energy consuming sectors.
#AceDailyNews says according to Reuters China eyes coal output boost, higher power prices to ease shortages as they dig in on coal, oil gains as energy crisis deepens
China ordered miners in Inner Mongolia to ramp up coal production and oil prices jumped on Friday as a record surge in the cost of gas revived demand for the most polluting fossil fuels to keep factories open and homes heated.
The rebound in economic activity from coronavirus restrictions has exposed alarmingly low supplies of natural gas leaving traders, industry executives and governments scrambling as the northern hemisphere heads into winter.
The energy crisis, which has led to fuel shortages and blackouts in some countries, has highlighted the difficulty in cutting the global economy’s dependency on fossil fuels as world leaders seek to revive efforts to tackle climate change at talks next month in Glasgow.
In China, where coal production had been curtailed to meet climate goals, officials have ordered more than 70 coal mines in Inner Mongolia to ramp up production by nearly 100 million tonnes or 10%, as the world’s largest exporter battles its worst power shortages in years.
Russia’s Gazprom, a key supplier of gas to China, calmed fears that a fire at a major gas processing plant could worsen the situation, saying it was able to continue exporting gas to China as normal.
The pricing adjustment is designed to prevent high energy consumption, state media reported, adding that prices for residential and agricultural users, as well as public welfare initiatives, would be kept stable.
#AceNewsDesk report …………………..Published: Oct.09: 2021:
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