[NTD News October 16, 2021, Beijing time]On the first day when the CCP relaxed the power price increase ceiling to 20%, the transaction price of the Jiangsu Electric Power Trading Center rose 19.94%. With the increase in electricity prices, China’s commodity prices have also accelerated.
On October 15th, the Jiangsu Provincial Development and Reform Commission of the Communist Party of China notified that Jiangsu Province adjusted its electricity price by 20% (the highest price was RMB 469.2/MWh) and organized a listing transaction in mid-October on the same day.
The website of Jiangsu Electric Power Trading Center Co., Ltd. released the “Publication of Result of Trading in Jiangsu Electricity Market in Mid-October 2021” on the same day, stating that a total of 44 power generation companies, 69 electricity sales companies and 72 first-class users participated in the transaction declaration in this transaction. , The final transaction was 294 with 1.998 billion kWh of electricity, and the average transaction price was RMB 468.97/MWh, which was 19.94% higher than the benchmark price.
On the 12th, the Development and Reform Commission of the Communist Party of China issued a notice announcing the fluctuation range of industrial electricity transaction prices. In principle, the increase or decrease cannot exceed 20%, and the increase of electricity prices for high-energy-consuming enterprises is not limited. The 15th is the first day the adjustment takes effect.
According to incomplete statistics from Jiemian News, as of October 1, at least eight provinces have allowed electricity prices to rise in the past two months.
Lu Media reported that the cost pressure brought about by rising electricity prices has exacerbated the volatility of commodity prices. According to data from the Ministry of Commerce of the Communist Party of China, in the second week of October, China’s commodity price index was 183.58 points, a record high in the past 12 years, an increase of 13.7% compared to the beginning of the year.
As of the second week of October, the energy and steel commodity price indices have risen for 6 consecutive weeks. Since October, among the five types of commodities, the price increase of energy, steel, minerals and rubber has increased significantly.
In the past three months or so, many listed companies have successively issued price increases announcements. Since the introduction of the new electricity price regulation on October 12, price increase announcements have been more intensive.
Scholars analyze that although the increase in electricity prices is only concentrated in industrial electricity, the increase in cost will inevitably drive the price increase of industrial products, which will then be transmitted to terminal consumer goods, leading to inflation.
However, during an inspection tour in Shunde, Guangdong, the Chinese premier, Li Keqiang, declared that China’s price system is “determined by food prices” and that there will be a “good grain harvest” this year, so “inflation will not occur”.
However, this speech was not reported by the party media. Related videos uploaded on the Internet have been continuously deleted. Some analysts pointed out that Li Keqiang’s speech involved “leaking secrets,” which suspected to expose the CCP’s statistical data fraud. Inflation data only considers food prices and ignores other necessities.
(Reporter Zheng Gusheng Comprehensive Report / Chief Editor: Lin Qing)
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