China Power Demand Registered Robust Growth in June 2020
Power demand growth in China continued to recover from COVID-19 impact. Power demand rose by 6.1% in June 2020, exceeding the growth rate of June last year at 5.7%. Thanks to the stimulus policies amid effective pandemic control, power demand growth has been accelerating since March, with growth rates of 0.7%, 4.6% and 6.1%, respectively for April, May and June. From a quarterly perspective, power demand grew by 3.9% in the second quarter of 2020, compared with 4.7% in the same period last year.
Figure 1: China Power Demand June 2020
Industrial and residential power demand drove the recovery in June. Industrial sector accounted for nearly half of the incremental power demand, compared with last year. Residential sector led power demand growth in June, with a rise of 14.3%, owing to more household indoor activities and increasing cooling demand in the summer. Power demand in industrial and commercial and services sector grew at 4.3% and 7.0%, respectively, only slightly lower than the 5.0% and 7.5% growth rate in last year.
Learn more about our China power research.
Bing Han is a senior research analyst at IHS Markit.
Posted 14 July 2020
This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.