COVID-19 lockdowns diminish China's electricity demand: Fitch

By Ovunc Kutlu

ANKARA (AA) - Coronavirus pandemic lockdowns diminished China's electricity demand, according to Fitch Ratings.

China's power demand growth slowed to 5% in the first quarter of 2022, compared to the same period last year, the global rating agency said on Friday in a statement.

The country's consumption growth decelerated to 3.5% in March year-on-year, it added.

Fitch said the slowdown in electricity demand is a result of economic disruption caused by the coronavirus omicron variant, its strict carbon emission controls, and a downturn in the country's property sector.

The agency emphasized that China's energy policies support renewables, adding that the development of a uniform national power market would largely support the expansion of renewable energy, while ensuring the country's energy security.

"Thermal power output represented almost three-quarters of the total in the first quarter of 2022, amid higher output from heating power co-generation thermal units and weak renewable energy output in the winter," the statement said.