Home World China's Daily Power Cuts Hit Homes, Factories

China’s Daily Power Cuts Hit Homes, Factories


'Like Living In North Korea': China Daily Power Cuts Hit Homes, Factories

Dozens of companies were told to halt production this week amid power cuts. (Representational)

Beijing:

Goldman Sachs Tuesday lowered its annual economic growth forecast for China as nationwide power cuts hit millions of homes and halted production at factories, including some supplying Apple and Tesla.

At least 17 provinces and regions — accounting for 66 percent of the country’s gross domestic product — have announced some form of power cuts in recent months, mainly targeting heavy industrial users, according to Bloomberg Intelligence.

Nearly 60 percent of the Chinese economy is powered by coal, but supply has been disrupted by the pandemic, put under pressure by tough emissions targets and squeezed by a drop in coal imports amid a trade tiff with Australia.

Earlier this month, coal prices hit a record high, with restrictions imposed on businesses and homes amid the supply crunch.

Still, China’s power demand in the first half of the year exceeded pre-pandemic levels, according to the National Energy Administration.

Goldman Sachs said Tuesday it expects growth to come in at 7.8 percent, down from 8.2 percent, citing power cuts that led heavy industries to cut output, leading to “significant downside pressures”.

It is the second bank to downgrade forecasts in as many days.

Analysts at Nomura said Monday a surging number of factories had been forced to cease operations due to either government mandates to meet carbon targets or surging prices and coal shortages.

It cut its annual GDP growth forecast to 7.7 percent.

Apple supplier Unimicron Technology said factories in two regions were told to stop production from midday Sunday through Thursday, in filings with the Taiwan stock exchange on Monday.

Dozens of other companies, including a parts supplier to carmaker Tesla, were told to halt production this week, according to stock exchange filings.

The northeastern rust belt, with thousands of power-hungry cement kilns and steel smelters, has been among the worst affected.

A factory in northeast Liaoning had to rush 23 workers to hospital due to carbon monoxide poisoning after ventilators suddenly stopped working during a blackout, state broadcaster CCTV reported.

Footage in local media Beijing News showed cars travelling on a busy highway in the city of Shenyang in complete darkness without traffic lights or street lamps.

“Power cuts eight times a day, four days in a row… I’m speechless,” wrote one frustrated user from Liaoning.

Another complained that malls were shutting early and a convenience store was using candlelight.

“It’s like living in North Korea,” they wrote.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

RELATED ARTICLES

Calls To Ban Guns On Movie Sets Grow After Alec Baldwin Shooting Incident

<!-- -->Alec Baldwin fatally shot cinematographer Halyna Hutchins in on-set tragedy (File)Los Angeles: Calls were multiplying in Hollywood Sunday to ban the use...

Australia Looks To Roll Out Covid Booster Shots Soon As Curbs Ease

<!-- -->Almost 87% of people above 16 have received their first dose in the country. (FILE)Sydney: Australian officials plan to roll out COVID-19...

2,700-Year-Old Wine Press, Carvings Discovered By Archaeologists In Iraq

<!-- -->A view of carvings discovered on the walls of an ancient irrigation canalDohuk: Archaeologists in Iraq revealed Sunday their discovery of a...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Calls To Ban Guns On Movie Sets Grow After Alec Baldwin Shooting Incident

<!-- -->Alec Baldwin fatally shot cinematographer Halyna Hutchins in on-set tragedy (File)Los Angeles: Calls were multiplying in Hollywood Sunday to ban the use...

Lalu Yadav’s Homecoming Ends With A Kodak Moment After Family Drama

<!-- -->Lalu Yadav has been granted bail in four fodder scam cases.Patna: Although Bihar politician Lalu Yadav's homecoming after three years was capped...

Australia Looks To Roll Out Covid Booster Shots Soon As Curbs Ease

<!-- -->Almost 87% of people above 16 have received their first dose in the country. (FILE)Sydney: Australian officials plan to roll out COVID-19...

India Reports 15,906 New Covid Cases In A Day

<!-- -->On October 21, India achieved a milestone in its vaccination programme with over 1 billion dosesNew Delhi: India reported 15,906 new COVID-19...

Recent Comments