Skip to content

What China’s Energy Giants Expect From Russia’s War and Covid

  • Take-up of solar should get a boost in Europe, says Jinko
  • Shenhua says the pandemic is easing coal supply pressures
A delivery worker travels along a near-empty road during a lockdown in Shanghai, China. Demand for fuel has been slashed as cities lock down to slow the spread of Covid-19.

A delivery worker travels along a near-empty road during a lockdown in Shanghai, China. Demand for fuel has been slashed as cities lock down to slow the spread of Covid-19.

Source: Bloomberg

The world’s biggest energy consumer is being buffeted both inside its borders and out. China’s worst outbreak of Covid-19 since the pandemic began is slashing demand for fuel as cities lock down to slow its spread. Meanwhile, global prices for oil, gas and coal are soaring after its geopolitical ally invaded Ukraine and became the target of Western sanctions. 

China’s largest energy firms, many of them state-owned, are being forced to deal with the fallout from both crises. This week, executives from several of the companies discussed the challenges during their first-quarter earnings calls. Here’s a sampling of what they said.