IN a move away from the spot market and short term contacts, Chinas largest independent electricity producer Huaneng Power International said it would look to secure long term coal contracts.
Reuters News reported Huaneng aimed to secure more than half of its coal supplies through long term market based contracts.
Until recently, Chinese power producers typically bought coal on the spot market and through one year contracts under State set terms.
However, soaring spot prices coupled with high domestic electricity demand has led electricity producers to reassess supply logic.
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