The general direction of energy price reform in China is in line with international standards
Zhang Guobao, deputy director of the National Development and Reform Commission and head of the National Energy Administration, addressed several key energy-related issues during his first press conference following the establishment of the National Energy Administration. He emphasized that there are currently no plans to adjust refined oil prices after the Olympic Games, as such decisions depend on a variety of factors, including China's overall economic development, domestic and international energy conditions, and market dynamics.
Zhang noted that China is gradually shifting from a government-controlled pricing system to a more market-oriented one. However, the price of refined oil in China is still not fully aligned with international standards, although it has been moving closer due to domestic affordability considerations. Despite this progress, oil prices in China remain lower than those in the global market. He reiterated that the long-term goal of energy price reform is to align with international market rules, but there are no immediate plans for an increase in oil prices post-Olympics.
Regarding electricity price adjustments, Zhang clarified that the current power shortage in China is not due to a lack of generating capacity, but rather a result of coal supply constraints. Over the past few years, China's electricity demand has grown rapidly, and the increased consumption of coal by other industries—such as steel and manufacturing—has put pressure on the coal supply chain. The price of coal in China is determined by the market, and with rising domestic and international coal prices, the cost of coal has surged significantly.
To manage inflation and protect people's livelihoods, China raised electricity prices on June 19, but no changes were made to residential electricity rates. As coal prices have risen sharply, some power plants have seen their profit margins shrink, and in certain regions, power shortages have become more apparent. In response, the State Council has formed a "coal, power, and transportation coordination leading group" to strengthen power dispatch in areas experiencing coal and electricity shortages. The government is also implementing measures to boost coal production and ensure a stable supply.
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