Plunging temperatures across parts of China have sparked an earlier start to the winter heating season, likely lifting power demand and intensifying the nation s energy crisis.
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Temperatures have fallen more than 10 degrees Celsius 50 Fahrenheit in recent days across most of eastern China and new snow has begun to fall in parts of Inner Mongolia and Heilongjiang, according to the China Meteorological Administration. The agency initiated a level 4 emergency response on Friday because of the cold wave.
The China thermal coal futures extended a stratospheric rally in Monday trading as some provinces signaled they would bring forward the start of traditional heating season when local government-controlled systems usually powered by coal or gas - are fired up to warm residents homes through the winter months.
Jilin, a northeast province which suffered blackouts last month amid low coal supplies, began winter heating operations on Oct. 15, earlier than usual, with coal stocks about 85% of capacity, according to local reports.
Thermal coal futures on the Zhengzhou Commodity Exchange rose as much as 8% to $184, 828 yuan a ton Monday, the highest intraday price on record.
China has been pushing coal miners to boost output and anticipates to continue curtailing power supplies to large, energy-intensive users through the winter to make sure supplies can meet winter heating demands.
Leaders are also speeding up market reforms, allowing electric prices to climb higher to incentivize power plants to produce despite lofty coal prices. Rates have increased by the maximum of 20% in provinces including Jiangsu and Shandong since reforms came into effect on Friday, Securities Daily reported.
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