China's state planner said that it has urged coal firms to strictly follow their contractual responsibilities as it continues to take measures to increase supplies and steady soaring prices.
China has been pushing coal miners to increase output and hike imports so power plants can rebuild stockpiles before the winter heating season. However, analysts predict that shortages are likely to remain for at least another few months.
The NDRC stated that it will encourage upstream and downstream coal firms to sign all mid and long-term power and coal contracts, and "give full play to the medium and long-term coal contracts to stabilise the market."
Furthermore, the NDRC has also requested that firms strengthen credit supervision over medium and long-term contracts for thermal coal.
The NDRC further mentioned that it will probe coal and energy price index providers for publishing false and manipulated prices, spreading rumours, and fabricating indexes in a further measure to reduce fuel prices amid a power crunch.
Prices from some consultancies were fully deviating from supply/demand market fundamentals, significantly harming public interest, the NDRC said.
The NDRC will monitor compliance, summon index providers, and punish irregularities with actions such as suspension of publication or blacklist inclusion.