Blackouts and power cuts in the world’s second-largest economy have drawn attention to fuel supply problems that could complicate the country’s pandemic recovery.
Struggling energy companies in China have cut off power to select Chinese industrial players in recent days as the high price of fuel pushes the firms to ration power supplies. Traffic lights and street lamps went dark in many cities in China in recent weeks. Sales of candles skyrocketed as millions of homes and businesses went without power.
Shortages currently plaguing Europe, the UK and now China can give the impression that a global energy crisis has begun. While some of their problems overlap, so far China is the only one this year to report widespread power outages.
China is the world’s top consumer of coal and, unsurprisingly, the world’s biggest producer of greenhouse gases. Beijing recently made reducing the country’s carbon emissions a top priority, with the aim of reaching carbon neutrality by 2060. This led to the country curbing domestic coal production, even while over 70% of the country’s electricity, according to Bloomberg, is still sourced from coal.
So now coal prices are skyrocketing. Unlike in Europe, where consumers are worried about spiking heating costs this winter, utilities’ prices in China are largely regulated by the government. This keeps power companies from passing on the cost to consumers and sticks the suppliers footing the high cost of the coal needed to generate electricity. To cope, many companies have opted to scale back production, curbing the country’s supply of energy.
Further, China’s push to host a “green” 2022 Olympics and Paralympic Winter Games is expected to boost clean energy demand including natural gas consumption over the coming winter-spring heating season, but this has also raised concerns about costlier natural gas as global prices surge to record levels.
Reference:
https://www.spglobal.com/platts/en/market-insights/latest-news/energy-transition/091521-analysis-chinas-green-winter-olympics-2022-to-boost-natural-gas-demand
https://www.dw.com/en/china-reaches-for-strategic-power-cuts-amid-energy-crisis/a-59367176
The severe drought which has forced the Panama Canal, one of the world’s busiest trade passages, to limit daily crossings could impact global supply chains during a period of high demand.
In the early hours of March 26, the Singapore-flagged ship Dali, loaded with 5,000 containers, slammed into Baltimore’s Francis Scott Key Bridge, causing the 1.6-mile (2.5-kilometer) bridge to collapse in a matter of seconds. The Dali was departing for Colombo when the disaster struck. Initial fears were confirmed that half a dozen people lost their lives in the accident.
The pharmaceutical and biotechnology industries constantly seek innovative methods to enhance product stability, solubility, bioavailability and ease of use. Within this realm, CDMOs [Contract Development & Manufacturing Organizations] serve as invaluable partners in the development and production of high-quality drug products.
Chinese New Year 2024 is upon us, disrupting logistics from Asia starting Feb 10th. This event is expected to impact global shipping until Feb 21. Freight rates from Asia has skyrocketed with rates to the US surging by 3.5X and Europe by 6X.
Amid ongoing Red Sea diversions by shipping giants like Maersk, CMA, logistics managers are globally confronting a dual challenge of escalating ocean and air freight prices alongside cargo disruptions due to
Why will CM be the next generation on quality?
The Fifth International Conference on Chemicals Management (ICCM5) concluded on 30 September in Bonn, Germany, by adopting “a comprehensive global framework that sets concrete targets and guidelines for key sectors across the entire lifecycle of chemicals”.
In October, the People’s Republic of China celebrates its annual national holiday, known as Golden Week. Similar to Chinese New Year, the entire country is on holiday, resulting in business closures and a potential 14-day halt in production and transportation of manufactured goods.
The European Chemicals Agency (ECHA) has amended the Prior Informed Consent (PIC) Regulation, EU 64/2012, to add 27 pesticides and eight industrial chemicals into Annex I, bringing the total to 295. As a result, EU exporters are now required to notify their intentions to export them from 1 November onwards.