Thursday, 7 February 2013

Black gold to go to storage?

Rather than the Beijing residents, a few journos have noticed that the real victims of Beijing's smog or "airpocalypse" may in fact be Australian exporters as Chinese authorities look to clamp down on coal use.

....The first sign of change came last week when China’s State Council set a total primary energy consumption target (including renewable energy and transport fuel) ...[which] translates to annual growth in energy consumption of about 3.5 per cent over the next three years, down from 6.6 per cent a year in the five years to 2010...  Jiang Kejun, leader of the modelling team that advised the State Council on energy use ... said. “there’s no market for further development of energy-intensive industry.” If Jiang is right that will affect growth in our iron ore exports because steel making is energy intensive (here).

..."Within the (Chinese) thermal power sector there will be a greater reliance on natural gas," Prof Garnaut said....However huge reserves of gas in China and the US mean Australia will face more competition selling to China. (here)

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