Since 2003, due to the high economic temperature, China's power has been in short supply. In many places, there is a shortage of electricity. Even in the past year, China has experienced a wide range of power cuts. This year's situation is overcapacity.
The Wall Street Journal reported that the China Electricity Council said on Thursday that China's electricity consumption in 2008 increased by only 5.23%, much lower than the 14.8% increase in 2007, the lowest growth rate in eight years. The agency expects electricity consumption growth to be even lower this year.
Economists view electricity use as an effective indicator of economic activity. However, during the period from 2002 to 2006, China’s energy demand growth rate has been faster than the economic growth rate due to the increasing proportion of high-energy-consuming industries in the economy. The current situation is that the growth rate of electricity demand is slower than the rate of economic growth, because the proportion of residential electricity consumption, which has a slower growth rate but stable demand, is increasing, while the electricity consumption of the export product production industry is declining.
Although overcapacity is bad news for Chinese power companies, the decline in electricity consumption will reduce their profit margins, but this is good news for China's power grid.
Over the years, China's power grid construction has not been able to fully keep up with the rapid growth of power demand. Last year's snowstorm caused some important power transmission lines to be damaged, which led to a large area of ​​power grids. At that time, when the migrant workers returned to the Spring Festival on a large scale, the coal inventory of many power plants dropped to a very low level.
A large amount of government investment will solve the problem of grid construction lag to a certain extent. As part of the economic stimulus plan, the government plans to invest nearly $85 billion this year for power projects, slightly higher than last year's investment.
It is expected that China's power investment this year will focus on upgrading the national power grid and building UHV transmission lines to bypass the old power infrastructure that has long been a bottleneck in power supply. China's power plants are growing at an average rate of two per week, but the old power transmission network is unable to send enough electricity from coal-rich inland areas to more affluent cities and export-intensive coastal areas.
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