Energy & Science
Beijing’s Coldest Spell Since 1966 Is Spurring Energy Prices
- Nine provincial power grids had record loads amid cold snap
- Coal and gas are surging on demand spike, supply disruptions
A woman wrapped up for the cold rides in Beijing on Jan. 8.
Photographer: Wang Zhao/AFP/Getty Images
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A cold blast across China that’s brought temperatures in Beijing to the lowest since 1966 is wreaking havoc on energy markets, creating record power demand and sending coal and gas prices soaring.
Nine northern provincial power grids, including in Beijing, reached record-high loads this week as heating demand surges, according to state-owned CCTV News. Coal prices have risen more than 4% this week, while wholesale gas prices jumped to the highest in three years as import terminals are being hamstrung by strong winds and icy conditions.