Coal prices hammer Chinese power giants
CHINA - China's four power giants may have lost up to (US) $1.02 billion in the first half of this year due to soaring coal prices.
China Guodian Corporation and China Huadian Corporation have recorded losses in the first six months of this year.
It is estimated China Datang Corporation has lost about 2 billion yuan.
The China Power Investment Corporation is estimated to have have lost 1 billion yuan.
The coal-fired power plants, which supply 78 percent of the country's electricity, were let down by soaring coal prices, government control of electricity prices, and the rising financial costs resulting from expanding investment and the country's tight monetary policy.
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Shell is one of the largest global investors in China's energy sector, with business covering gas production, petrochemicals and a retail fuel network. A leading supplier of liquefied natural gas, it has recently expanded into low-carbon business such as hydrogen power and electric vehicle charging.
In a rare assessment of the country's energy sector by an international oil major, Shell said China needed to take quick action this…
