National Energy Administration Given Authority Over Energy Products Price Adjustment
Who will reform China's distorted energy prices? The State Council has granted the power to adjust energy prices to the newly established National Energy Bureau. However, any decision it takes will still need to be examined by the National Development and Reform Commission (NDRC), and submitted to the State Council for approval. In the meantime, NDRC needs to solicit opinions from the National Energy Bureau when adjusting energy prices.
July 30th,2008
NDRC Caps Coal Prices Again as Power Shortages Loom
China is again looking at a nationwide power crunch as the Olympic Games approach and the whole power industry is suffering losses due to drastically increasing coal prices. With some areas already under restrained power consumption, the National Development and Reform Commission (NDRC), which regulates the pricing of major energy and resources, has once more capped the price for coal.
July 25th,2008
China's Worsening Electricity Shortage Meets Olympic Games
Coal shortages, price controls, and the "political mission" to guarantee the electricity supply during the Olympic Games have combined to create the worst electricity shortages that China has experienced in half a decade this summer.
July 22nd,2008
Central Asia Pipeline to Secure Gas for China
The China National Petroleum Corporation (CNPC) has announced the start of construction for the China-Central Asia gas pipeline, China's first cross-border gas pipeline. A senior official in CNPC told China Business News that the company had started building the China- Kazakhstan section on June 9, and construction of all sections of the pipeline has been launched.
July 2nd,2008
China Establishes New Energy Authority
China's energy management is being transferred from the National Development and Reform Commission (NDRC) to the new National Bureau of Energy (NBE), with hopes that this will reform China's highly dispersed energy management.
June 27th,2008
Gas and Power Prices Increase to Spillover
Direct plus indirect effects of the recent price adjustment could easily exceed 0.5% of the urban CPI after a few weeks or months....and more price increases are to come, of course, not only for petroleum products, but also for vegetable oils, dairy products, noodles and other food items that had been temporarily price-controlled.
June 22nd,2008
To Stem Shortages, China Allows Oil and Electricity Prices to Rise
The Chinese government has finally allowed oil and electricity prices to rise to cope with both an oil shortage that is spreading across the country and with the accumulating losses of the energy industry, and to guarantee a steady energy supply this summer, especially during the Olympic Games in Beijing this August.
June 20th,2008
China and Japan Agree on Mutual Development of East China Sea Gas and Oil Resources
After four years of talks and many years of dispute, China and Japan have finally reached a long-awaited and principled consensus on the East China Sea oilfield issue. China will welcome Japanese participation in working the Chunxiao oil field according to Chinese laws pertaining to joint exploitation of offshore oil resources.
June 19th,2008
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