The International Energy Agency says that China will surpass the US as the largest generator of electricity by 2015. By 2035 China will consume nearly 70% more energy than the United States. At that time, China will account for a quarter of the world’s electricity generation capacity.

China’s crude oil use could easily reach levels comparable to today’s US levels by 2040, according to a new energy study by Rice University’s Baker Institute. The study, “The Rise of China and Its Energy Implications,” also said that were China to mobilize investments in shale gas more rapidly it could greatly reduce the country’s expected large import needs for liquefied natural gas (LNG) from Australia and the Middle East and contribute to a future glut in global natural gas markets. It added that the number of vehicles on China’s roads could rise from 50 million now to 200 million by 2020 and 770 million by 2040 under a scenario where China’s real gross domestic product growth averages 6%t between now and 2030. Here is the study.

China’s Ministry of Land and Resources announced the country wants to generate 10% of its electricity needs from natural gas and 15% from renewable sources by 2020. To achieve its natural gas goals, the country will embrace hydraulic fracking to exploit its large shale gas reserves. The U.S. Energy Information Administration estimates that China has nearly 50% more “technically recoverable” shale gas than the United States, placing its reserves at 1.275 quadrillion cubic feet, 12 times the country’s conventional natural gas deposits, as compared with U.S. shale gas reserves of 862 trillion cubic feet.

China, the world’s biggest energy user, increased electricity prices for the first time in six months and said it will cap the cost of power-station coal in an attempt to reduce outages in the coming winter months. The nation faces a shortage of as much as 40 GW this coming winter and spring, the China Electricity Council said October 27. China is the world’s biggest producer and consumer of coal.

Tags: , , , , , , , , ,