China’s two largest industrial hubs will reduce power contract prices in 2026 as Beijing pushes to shore up a manufacturing recovery.
The eastern province of Jiangsu, which surrounds Shanghai, will cut rates by 17 percent compared with 2025, according to data from the local trading bourse, cited by the state-owned power giant China Energy Investment Corp. on Tuesday. Last week, the southern province of Guangdong trimmed prices by 5 percent.
China’s factories have faced a challenging year of weak domestic demand and trade headwinds, though manufacturing activity staged an unexpected recovery in December after the longest slump on record. While price cuts provide support to industry, they will likely squeeze the profits of power suppliers.
At the same time, coal and gas supplies are plentiful, further weighing on power producers. Record-high thermal coal inventories are providing energy security but have driven the price benchmark below the five-year average.
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