China gas and power month in brief 2019 Report

Insight 10 January 2020

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Report summary

China’s gas and power demand was consistently weaker in 2019, roughly in line with trends in the major macroeconomic indicators. In addition to macro factors, slower industrial gas demand throughout summer and a mild start to the winter hindered incremental gas demand. Gas supply is probably more than sufficient. China imported near record-high LNG in November, with December imports set to reach a new record. PetroChina’s shale gas output in 2019 jumped by 87% year-on-year, as its drilling activities are bearing fruit.

Executive summary
Markets
- Winter gas demand disappoints, despite high LNG imports
- Power demand in 2019 slows significantly amid trade protectionism
Policy
- China urges market players to sign long-term power sales and purchase contracts
Corporate activity
- PetroChina’s shale gas output jumps 87% year-on-year, lifting China total shale production to 15 bcm in 2019
- Jingran Energy commits to 20-cargo TPA slots
- Gas exchanges reach record-high transaction volume
Smog Watch
Appendix: power charts
Markets
- Economic factors and infrastructure issues behind low growth in October
- Power demand picked up in October, growth still weaker than 2018
Policy
- China plans to deregulate city-gate prices
Corporate activity
- Power of Siberia delivers first gas to China
- Liaohe underground gas storage group begins construction
- National pipeline company emerges at last
Smog Watch
Executive summary
Markets
- Supply-side interruptions dull October LNG imports
- Power demand weakens as economy slows
42 more item(s)...