The general direction of energy price reform in China is in line with international standards
Zhang Guobao, the deputy director of the National Development and Reform Commission and head of the National Energy Administration, addressed several key energy policy issues during a press conference held the day before the official launch of the National Energy Administration. He emphasized that there are currently no plans to adjust refined oil prices after the Olympics, as any decision will depend on China’s overall economic growth, domestic and international energy conditions, and other relevant factors.
Zhang noted that China is gradually shifting from a government-controlled pricing system toward a market-oriented model. However, domestic refined oil prices are still not fully aligned with global standards, despite being closer to international levels due to domestic affordability considerations. He added that while China's oil pricing is becoming more integrated with the global market, it remains lower than international prices.
Regarding electricity price adjustments, Zhang clarified that China's current power shortages are not due to a lack of installed capacity, but rather due to coal supply constraints. With rapid growth in electricity demand and increased coal consumption in sectors like steel production, coal supply has struggled to keep up. Coal prices in China are market-driven, and recent surges in both domestic and international coal prices have put pressure on the power sector.
Zhang also mentioned that although the government raised electricity prices on June 19, no changes were made to residential electricity rates to protect consumers. He pointed out that some power plants are experiencing reduced profits due to rising coal costs, leading to power supply shortages in certain regions. The State Council has taken notice and established a "coal-power and oil transportation coordination group" to better manage power dispatch in affected areas. Additional measures are being implemented to boost coal production and improve supply stability.
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