Word: coaling
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...missed it - and 2007 for households. Peter Claes, president of the International Federation of Industrial Energy Consumers in Geneva, points out that liberalization has so far accomplished very little; electricity prices have risen 35-50% in the last year despite it. Yes, production costs have risen - the price of coal has doubled - but Claes points to a lack of competition. "An oligopoly of five big companies controls the market in Germany, France and the Benelux countries," he says, adding that a lack of cross-border capacity makes it hard for companies to shop around for electricity from another country. Even...
...largest hydropower project. In 1993, amid a frenzy of bureaucratic belt tightening, China eliminated its Ministry of Energy, leaving power policy scattered among various, largely uncoordinated entities. Then, in 1998, after a brief oversupply of electricity following the Asian financial crisis, Beijing issued a moratorium on the construction of coal-fueled power plants for three years. While demand for power leaped?electricity consumption grew by 10.5% in 2002, up from 2.6% in 1998?increases in electricity-generation capacity slowed from an 8.4% growth rate in 1998 to 4.4% in 2002. "China underestimated its power demand quite dramatically," says Pierre...
...believe that if China maintains growth rates of 6-8% that all of a sudden these shortages will disappear overnight in 2006," says Joseph Jacobelli, a Hong Kong-based regional utilities analyst for Merrill Lynch. Moreover, most of China's capacity expansion will come in the form of coal-fired power plants, which, aside from their noxious environmental impact, suffer from crippling supply problems. (The mainland is also aggressively expanding the amount of energy produced by its nuclear power plants from 4,468 megawatts in 2002 to an estimated 36,000 megawatts in 2020, but this energy source is still...
...Although China now allows coal prices to float freely on the market, the government still sets the price electricity companies must pay for coal. This spring, that figure hovered at just two-thirds of the free-market price. This is meant to make electricity cheaper for consumers, but with so many industries gobbling up coal, many coal companies are loath to supply power plants. As a result, coal reserves held by China's electricity sector were down 40% last month compared with the same period the previous year. One major power plant in the eastern province of Jiangsu admitted that...
ENERGY Kerry would push for tougher emissions standards, which would hurt coal companies like Massey Energy and coal-burning utilities like Southern and FirstEnergy. "Alternative energy sources [Vesta Wind Systems, Tetra Tech] would benefit," says Greg Valliere, Washington strategist at Schwab. Bush's willingness to expand oil drilling in Alaska might help BP and Nabors Industries...