Chinese power companies continue to rally on hope of rising power demand as high-temperature alerts for 7th straight day
Chinese power companies continue to rally on hope of rising power demand as high-temperature alerts for 7th straight day

Chinese power companies continue to rally on hope of rising power demand as high-temperature alerts for 7th straight day

 

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Shares of Chinese electric power companies continues to rally on expectation that power demand will rise as several regions in northern China are hit by a wide-spread heatwave. Longyuan Powerr is surging more than 4% in Hong Kong, Huadian International and CGN Power up more than 3%, and Datang Power up more than 2%. 

The scorching heat, which has engulfed China since Saturday and broken historical records in some areas, is expected to linger until next Thursday, a meteorological expert.

“This heat wave is characterized by its prolonged duration, extensive reach and high intensity,” said Fu Jiaolan, chief forecaster at the National Meteorological Center.“Daily maximum temperatures in certain areas have reached or exceeded their historical records for the same period.”

Since Saturday, this year’s first significant heat wave has hit areas in North, East, Central and Northeast China, with central and southern parts of Hebei province, the southern part of Tianjin, the northwestern part of Henan province, and the central and western parts of Shandong province experiencing temperatures as high as 42 C, Fu said.

The National Meteorological Center has issued high temperature alerts for seventh consecutive days since Friday evening. On Sunday evening, it elevated the yellow alert to orange in the three-tier, color-coded warning system for high temperatures. Red represents the most severe level, followed by orange and yellow. On Wednesday, meteorological departments in the severely heat-affected regions of Shanxi province, Shandong, Henan and Hebei, issued red alerts for high temperatures.