China signals deeper reforms in oil, gas and power, state media report - Reuters
China signals deeper reforms in oil, gas and power, state media report | Reuters
China signals deeper reforms in oil, gas and power, state media report
BEIJING, July 11 (Reuters) - The Chinese Communist Party's commission for deepening reforms on Tuesday approved a wide range of proposals for markets, including the country's power networks and oil and natural gas markets, state broadcaster CCTV reported.
China will further reform and accelerate the construction of a power system that is "economically efficient, flexible and intelligent in supply and demand coordination", the commission said.
The nation's grid system is predominantly arranged around fixed, long-term power trading agreements, with a limited role for spot markets or flexibility of supply.
During a drought in August 2022, fixed, unidirectional power trading agreements forced hydro-dependent southwestern Sichuan province to export power out of the province to fulfil these contracts, even as consumers in the province endured power cuts.
In the oil and gas markets, China will focus on "improving national oil and gas security capabilities ... and ensure stable and reliable supply", the commission stated.
The proposals come amid an intensified focus on domestic energy security in the country, which is the world's largest crude oil importer.
Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: Climate diplomacy
Talks are well underway in preparation for the next major international meeting on climate change, 28th Conference of the Parties (COP28), scheduled to begin Nov. 30 in the United Arab Emirates.
Much like last year’s COP27, finances — specifically, aid to developing nations — will be at the center of conference deliberations.
The conference faces an even greater sense of urgency brought on by the Sept. 8, 2023, release of the first global stocktake, which calls for accelerated action to meet the goals set in the 2015 Paris Climate Agreement (COP21).
Climate diplomacy: COP 27 | Climate diplomacy: COP 28 | Climate diplomacy: COP 29