Energy law draft calls for market-based pricing

Beijing released a draft of its national energy law which calls for the stockpiling of energy and the creation of a new energy department under the State Council to oversee its usage, the Wall Street Journal reported. Under the proposed law, strategic reserves of oil, natural gas, uranium and some types of coal are to be built up to deal with future shortages, though the volume and conditions for their usage were not specified. The draft stated that market forces should be used to to set energy prices in the future, but that Beijing would still reserve the right to adjust and regulate where it sees fit. After receiving feedback on the draft law from key industry players, a revised law will be enacted later.