Power Pulse #13: Nationwide tariff rise still inconclusive without weather help

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Power Pulse #13: Nationwide tariff rise still inconclusive without weather help

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Power - China

Power Pulse #13: Nationwide tariff rise

still inconclusive without weather help

Industry Overview

Key charts on China power utilities 09 July 2026

Power Pulse provides key charts on China’s power & renewables. Spot power tariffs Equity

improved in few provinces, and July monthly contract tariffs were better in Guangdong China

and Jiangsu. Forecasts suggest below-average temperature in Jul-Aug, but rainfall will Electric Utilities

start to improve. Wind export tender volume turned positive in Jun with onshore turbine Gary Tsang >>

price staying firm, while impact from solar standards remains to be seen. Research Analyst

Merrill Lynch (Hong Kong)

Tariff: Spot moderating but monthly contracts improve +852gary.tsang@bofa.com3508 6825

Spot tariffs in West Inner Mongolia and Jilin turned from 20-30% below the benchmark Charlotte Xia >>

in May to 10-35% above the benchmark in June on weather. But only 5 out of the 31 Research Analyst Merrill Lynch (Hong Kong)

provinces recorded spot tariff above benchmark in June. Hunan, Sichuan, and Qinghai +852 3508 5029

spot tariff discount to benchmark worsened from 30-60% in May to 60-75% in June. charlotte.xia@bofa.com

Entering Jul, Guangdong spot tariffs are rising 26% YoY to RMB40c so far, narrowing Cissy Guan >>

from +49% YoY in June. This is supporting July monthly contract tariffs in Guangdong ResearchMerrill LynchAnalyst(Hong Kong)

back to 4% above benchmark, along with improvement in Jiangsu and Shanxi. User-side cissy.guan@bofa.com

power tariff fell -11% YoY or RMB4c in July vs -13% YoY decline in June.

Thermal likely rose in Jun, rainfall may recover in Jul-Aug