|A Serious Power Shortage in China (thenationalnews.com)|
On September 24th, a steel processing company in Liaoning Province in China was shut down due to a sudden blackout, and 23 employees were exposed to toxic gas. The blackout was caused by a serious power shortage in China nationwide, and the problems were especially severe in Jiangsu, Zhejiang, and Guangdong provinces. Experts assessed that there were three main causes of this phenomenon: rising coal prices, restrictions by the Chinese government, and the problem of eco-friendly electricity production in China. The first factor is that some thermal power stations have been closed as coal prices for power generation rose 50% compared to the beginning of 2021. Moreover, political conflicts with Australia have also caused a shortage in coal supplies, and coal prices have soared. Second, the Chinese government strictly enforces power restrictions on energy-intensive industries. Besides this, the government is also promoting the reduction of coal use for the Beijing Olympics, which will start in February next year. Lastly, eco-friendly power sources, such as hydropower and wind power plants, have had problems due to reduced precipitation and lack of wind. Most countries including Korea have installed manufacturing plants in China, but many factories are closed due to the power shortage. In the worst situation, combined with an increase in heating demand this winter, the power shortage will become more severe. It can bring about a major recession in the global supply chain and economy, so many experts are watching this situation carefully now.
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