9/30/2021- 6:41 p.m.
Not so GREEN TECH? Apple and Tesla hit amid China coal shortage, energy crunch!
The Big Tech giants are taking a hit as a number of their suppliers’ plants in China suspended operations this week to comply with strict electricity limiting policies.
The South China Morning Post reports at least 20 out of 31 provincial jurisdictions were forced to adopt electricity rationing measures last week – with the tight supply of coal triggering a plunge in the Chinese production.
The price of thermal coal – on which the country relies for over half its energy – has exploded from $104/ton in January to around $170/ton in September, but Beijing’s laws prohibit companies passing on rising costs to consumers, forcing them to take the hit instead.
