China is planning the biggest overhaul of its power industry in over a decade. And the scope for upheaval is biggest at companies that depend on coal, such as China Resources Power. In the past two months, China’s top planning body has published multiple documents stressing that market forces should decide how electricity is generated, transmitted and distributed. Specifics are still missing, and internal contradictions still rife—the documents, for instance, push renewable energy that currently survives by government rules that subvert market forces. But if enacted, these ideas would mark the next step in electricity reform after Beijing in 2002 cleaved transmission and distribution away from generation. In theory, that allowed generation companies to compete, though in practice Beijing dictated electricity prices. Now, the planners seem to want power generators free to set […]