China’s largest natural gas field has been discovered in Inner Mongolia autonomous region, reported China Daily. The Ih Ju Meng league field is 602.5bn cubic metres in size and should produce an average 6.5bn cubic metres annually in the next five years, said the Ministry of Science and Technology.
"The field will greatly back up the country’s project of west-to-east gas transportation and help ease the energy shortage in eastern areas," said the ministry’s secretary-general Shi Donghuan. It should also help to reduce coal consumption in major cities. Guangdong cuts electricity prices On May 1, the average price of electricity sold by Guangdong provincial grid was reduced from Yn0.57 per kilowatt-hour to Yn0.49. This should lead to an annual saving of Yn5bn and will be a boost to the provincial economy, according to a provincial price bureau official.
Prices have been reduced significantly since the end of 2001, when the average price in Guangdong was Yn0.72 per kilowatt- hour, nearly double the national average and even higher than in many developed countries. This discrepancy has persuaded many foreign-invested companies with heavy power consumption to move from Guangdong to east China where prices were much lower. However, Guangdong officials now believe that the narrowing differential will improve the province’s investment environment.