COVID-19 lockdowns diminish China's electricity demand: Fitch
Agency says development of uniform power market to support expansion of renewables, ensure energy security
Coronavirus pandemic lockdowns diminished China's electricity demand, according to Fitch Ratings.
China's power demand growth slowed to 5% in the first quarter of 2022, compared to the same period last year, the global rating agency said on Friday in a statement.
The country's consumption growth decelerated to 3.5% in March year-on-year, it added.
Fitch said the slowdown in electricity demand is a result of economic disruption caused by the coronavirus omicron variant, its strict carbon emission controls, and a downturn in the country's property sector.
The agency emphasized that China's energy policies support renewables, adding that the development of a uniform national power market would largely support the expansion of renewable energy, while ensuring the country's energy security.
"Thermal power output represented almost three-quarters of the total in the first quarter of 2022, amid higher output from heating power co-generation thermal units and weak renewable energy output in the winter," the statement said.