Shanghai Daily news

Shanghai Electric Power Co's decision to raise heating prices propelled the local stock market yesterday as it may boost the firm's earnings this year.
"The move may cause other power utilities to follow suit as it is a good way to counter rising production expenses," said Lu Chengde, a Guosen Securities Co analyst.
The Shanghai Composite Index, which groups yuan-denominated A shares and foreign-currency B shares, grew 1.23 percent to 1,086.01. The A-share Index jumped 1.24 percent to 1,140.33 while the B-share Index added 0.02 percent to 66.21.
Shanghai Electric Power Co, which supplies a third of the electricity used in the city, rose 0.41 percent to 4.88 yuan (59 US cents).
The firm said in a statement yesterday it will charge customers 1.13 yuan more for each million kilojoules of heat, a byproduct of power generation, from July 1, to pass on higher coal costs.
The price increase may add 6 million yuan to 2005 earnings, the statement said, without giving details.
China may face power shortages of 30 million kilowatts against an earlier forecast of 25 million kilowatts, China Business News reported on Tuesday.
China Yangtze Power Co, owner of the world's biggest hydropower project, jumped 4.21 percent to 8.17 yuan. Huaneng Power International Inc, the listed arm of China's largest power group, gained 2.70 percent to 6.46 yuan.