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Singapore may not be spared as China's power crunch bites
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Metal smelters and steel factories have been among the first casualties in China, with many expected to taper production to save on higher electricity costs.
PHOTO: REUTERS
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SINGAPORE - China's decision to allow electricity prices to rise to ease an ongoing power crunch could potentially have a larger impact on the global economy than the Evergrande debt crisis, with the consequences felt in Singapore, too.
OCBC Bank economist Howie Lee said that unlike Evergrande, whose impact will likely be controlled, a power shortage due to insufficient supplies of coal and natural gas is much harder to manage.
