China is nowhere near the peak per capita energy consumption from coal that the US and Australia saw before they turned away from the dirty fossil fuel. But it doesn’t mean China should allow its coal energy use to grow unchecked.
I believe that much of the growth in electricity demand in China is coming from new electric vehicles hitting the roads. Soon, China will have as many new NEVs on the roads each year as the entire US car market.
We can see that China is taking a multi-pronged approach to tackling its growing energy use. Coal is growing in terms of total output but declining as a share of overall energy consumption.
That means opportunities abound in oil, natural gas, nuclear and renewable energy as growth areas in China’s energy profile.
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China’s surging power consumption can be partly attributed the growth in EV use and the replacement of ICE vehicles.
China is adding 1.1m new NEVs per month to its roads. This could be adding as much as 0.5 billion kWh of consumption based on a 60kWh average battery capacity and 8-10 full charges per month.
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