Asian Viewpoint by Huo Zhihui

According to the National Energy Administration (NEA) in China, the country′ｓ energy consumption has rebounded significantly. The consumption of electricity and natural gas continues to grow and has exceeded the level of the same period last year. The consumption of oil products is also gradually recovering.ｓ

According to the data released by NEA, electricity consumption decreased by 6.5% in the first quarter compared with the same period last year. In the second quarter, power consumption increased rapidly. Since April, electricity consumption has achieved positive growth year on year, with the growth rate increasing month by month, from 0.7% in April to 4.6% in May and 6.1% in June. The cumulative electricity consumption in the first half of the year decreased by 1.3% from the same period last year. The year-on-year fall narrowed by 5.2 percentage points compared to the first quarter.

The impact of COVID-19 on natural gas consumption was relatively small. Consumption decreased slightly in the first quarter, and then recovered steadily. The year-on-year growth rate in the second quarter was about 4.5 percentage points higher than that in the first quarter.

The consumption of oil products decreased by about 18.7% in the first quarter compared with the same period last year. Since April, an increase in industrial operating rates and in residents' travel have driven the demand for gasoline and gasoil. The year-on-year growth rate of oil products consumption in the second quarter has increased by about 6 percentage points compared with that in the first quarter.