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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“Keeping life affordable for people is a key priority of our government,” said Bruce Ralston, Minister of Energy, Mines and Low Carbon Innovation. “Affordable electricity rates not only help British Columbians, they help ensure the price of electricity remains competitive with other forms of energy, supporting the transition away from fossil fuels to clean electricity in our homes and buildings, vehicles and businesses.”
While affordable…
