Higher renewable availabilities in March, put a cap on power generation from coal, only up +1.1% YoY. This might be a short-term relief with hydroelectricity becoming affected by below-normal rainfalls and droughts developing across China’s southwestern regions.
With heating/cooling demand at seasonal low, power output in March or April should be a fair reflection of China’s manufacturing activities to be compared with Mar’24 PMI reported at 51.1, in expansion territories and at its highest since Apr’23.
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