logo
China's fossil-fuelled power rises to 11-month high in July

China's fossil-fuelled power rises to 11-month high in July

Reuters4 days ago
BEIJING, Aug 15 (Reuters) - China's fossil-fuelled power generation, mostly from coal, rose in July to the highest level since August 2024, official data showed on Friday, as record-breaking heat pushed power demand to record highs across large swathes of China.
Fossil-fuelled power generation, known in China as thermal power and generated mostly by coal with a small amount from natural gas, rose 4.3% in July from a year earlier to 602 billion kilowatt-hours (kWh), according to the National Bureau of Statistics.
Thermal power use is usually the highest in summer and winter, when cooling and heating systems increase demand for electricity, pushing grid operators to turn to dispatchable power sources like coal and gas to meet peak demand. But the 2024-2025 winter was unseasonably warm, so demand for coal power was muted.
Grid operators would also have turned to thermal power more in July because of a drop in hydropower, China's second-largest power source, which fell 9.8% compared to July 2024 because of drought conditions that limited dam inflows.
Fossil-fuelled power use, however, is still trending downwards this year compared to 2024, on track to potentially decline for the first time in a decade. Thermal power fell 1.3% over the first seven months as a whole, as competition from wind and solar intensified.
The statistics also showed that China's overall power generation in July was 926.7 billion kWh, up 3.1% compared with the same period last year.
The National Bureau of Statistics figures, however, tend to understate total generation, particularly from renewables, as they only include industrial firms with annual revenues of at least 20 million yuan ($2.8 million) from their primary operations.
Fuller data will be released later in the month by the National Energy Administration.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Weinstein's Saba Capital bulks up hedge fund talent with hire from Millennium
Weinstein's Saba Capital bulks up hedge fund talent with hire from Millennium

Reuters

timea few seconds ago

  • Reuters

Weinstein's Saba Capital bulks up hedge fund talent with hire from Millennium

NEW YORK, Aug 18 (Reuters) - Hedge fund manager Boaz Weinstein, best known for his winning bet against the JPMorgan Chase (JPM.N), opens new tab trader known as the London Whale, is hiring two senior partners as his firm, Saba Capital Management, plans to expand into quantitative credit trading. New York-based Saba, which invests $6 billion on behalf of clients and has been trying to shake up the closed-end fund industry, will reunite with Jeremy Benkiewicz, a co-founder of the firm, early next year, people familiar with the matter said on Monday. Saba is also making Kieran Goodwin, who has been advising the firm, a partner to lead Saba's move into quantitative credit trading, said the people, who are prohibited from discussing personnel decisions publicly. Benkiewicz will rejoin the firm in February. He had worked with Weinstein for nearly two decades at Deutsche Bank and at Saba and is an expert in credit trading, cross-asset relative value and convertible arbitrage trading. Benkiewicz worked most recently as a portfolio manager at hedge fund Millennium Management for five years. Neither he nor Millennium responded immediately to requests for comment. Goodwin previously worked at King Street where he was a partner, a member of the investment committee and was the head of trading. He could not be reached for comment. Later this year Saba will launch a predominantly systematic trading strategy called Saba LT that aims to identify credit dislocations and seeks to gain a foothold in the accelerating electronification of corporate bond trading. To lay the groundwork for the expansion, Saba previously hired quant traders Robert Rappleye and David Buckman from hedge fund Jane Street. Competition among hedge funds for talent is fierce with top portfolio managers and traders commanding eye-popping pay packages as firms try to woo more pension funds, endowments and other investors with promises of capturing some of the market's upside but ensuring smaller losses on the way down. Weinstein, who won a stock picking contest in high school by beating out thousands of other students, most recently waged a battle to shake up the UK investment trust industry to push for better returns and has reached agreements with a handful of closed-end funds. In 2012, Weinstein gained fame for spotting unusual trading patterns in the credit market by a JPMorgan trader called the London Whale that saddled the bank with some $6 billion in losses.

Soho House to go private in $2.7-billion deal, actor Ashton Kutcher to join board
Soho House to go private in $2.7-billion deal, actor Ashton Kutcher to join board

Reuters

timea few seconds ago

  • Reuters

Soho House to go private in $2.7-billion deal, actor Ashton Kutcher to join board

Aug 18 (Reuters) - Soho House (SHCO.N), opens new tab is going private in a $2.7-billion deal led by New York-based MCR Hotels, capping a turbulent market run and financial struggles that erased nearly half of the high-end members club operator's value since its 2021 debut. Its shareholders will get $9 per share, a 17.8% premium to the last closing price. Soho shares shot up more than 15% after the announcement and were changing hands for around $8.80 in early afternoon trading. Actor and tech investor Ashton Kutcher will also join Soho's board following the deal, and hospitality veteran Neil Thomson will succeed Thomas Allen as chief financial officer immediately. "However, Soho House will need a bit more than celebrity stardust to cement its long-term future," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. "Its rapid expansion in recent years has sparked concerns that its 'exclusive' label was wearing thin", while the wider consumer spending pullback in the hospitality industry has added pressure as Soho relies on in-house purchases such as meals and entertainment, Streeter said. Soho was started by restaurateur Nick Jones in 1995 on London's Greek Street above his restaurant, Cafe Boheme, as a meeting place for creative people. The club now has operations across Europe, North America, and Asia. But less than three years after listing in New York, Soho started exploring the idea of going private as it struggled to turn a profit despite growth in membership and revenue. Hedge fund manager Daniel Loeb, whose firm Third Point owns a nearly 10% stake in Soho, and who has been pushing for a "fair" sale process, on Monday told Reuters he is pleased with the planned move and supports the deal. "As both a shareholder and Soho House member, I support this transaction and am pleased to see management of the club in good hands," Loeb said. Under the new deal, MCR Hotels will get Soho's publicly traded shares, while founder Nick Jones and Executive Chairman Ron Burkle and his investment firm Yucaipa will retain majority control of the business. Burkle's Yucaipa and founder Jones collectively own about three-quarters of the company. Funds managed by affiliates of Apollo Global Management (APO.N), opens new tab are supporting the deal through hybrid capital financing, Soho said. Apollo CEO Marc Rowan said this month he expects hybrid financing, a mixture of debt and equity, to be the firm's fastest-growing business segment. Apollo partner Reed Rayman told Reuters those structures were allowing Apollo to expand its portfolio. "Hybrid allows us to participate in situations where Apollo as a firm would never have participated," Rayman said. Apollo's contribution to the deal is worth around $850 million in debt and equity, a person familiar with the matter said.

Clean energy investors relieved by Trump tax rule changes
Clean energy investors relieved by Trump tax rule changes

Reuters

timea few seconds ago

  • Reuters

Clean energy investors relieved by Trump tax rule changes

Aug 18 (Reuters) - Shares of U.S. solar energy companies rose on Monday after the Trump administration released new subsidy rules for clean energy projects that were not as stringent as many investors had feared. Late on Friday, the Treasury Department narrowed the definition for what it means for a solar or wind project to be considered under construction, a requirement to qualify for federal tax credits worth 30% of a project's cost. The changes include requiring developers of big solar arrays and wind farms to complete physical work rather than simply show that they have invested capital. Solar companies criticized the move on Friday, but analysts, investors and others said the guidelines were better than many expected. The MAC Global Solar Energy index (.SUNIDX), opens new tab was up 4% in mid-day trade, with top gainers, including residential solar company Sunrun (RUN.O), opens new tab, up 9%, and panel manufacturer First Solar (FSLR.O), opens new tab, up 8.6%. "Although it creates some complications, it is manageable," Raymond James analyst Pavel Molchanov said in an email. Some in the industry had feared that project developers would have to incur a large percentage of project costs in order to be eligible for the credits, or that they would have a narrower timeline to claim the subsidies after starting construction. The Treasury Department left the 4-year window unchanged for projects that start construction before the credits expire. The One Big Beautiful Bill Act requires projects to begin construction by July of next year or enter service by the end of 2027 to qualify for a 30% tax credit and bonuses that can push the subsidy even higher. Under previous law, the credits were available through 2032.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store