top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

12 Oct 2021

China to Liberalise Pricing for Coal-Generated Energy

The Index Today

In an announcement made by Chinese National Development and Reform Commission NDRC on Tuesday, pricing will become more liberised for coal-generated electricity through market trading.

No timeframe has been specified by the NDRC, but all industrial and commercial users will be required to buy from the market or through agents “as soon as possible.” This means a surge of users up from 44% to 70% may be seen. On the other hand, current buyers are paying at a fixed rate.

The new initiates have been put in place to manage the ongoing energy crisis which has negatively impacted the nation’s economic growth. According to analysts, a 12% cut in industrial power consumption has been forecasted for the quarter, mainly as a result of coal shortage.

NRDC Official Peng Shaozong said, “The pricing reform is designed to reflect power demand and consumption, and to some extent to ease operation difficulties of power firms and encourage plants to increase power supply.”

To prevent high energy consumption in the state, the new pricing strategy will mean coal-generated power will be allowed to fluctuate up to 20% from its initial base levels. This will not affect the CPI or other economic indicators.

Clay pottery with table linens
bottom of page