It expected that companies with high financial leverage and refinancing
demand would take a hit,
tipping five stocks as especially vulnerable: China Eastern Airlines, China Southern Airlines, Yanzhou
Coal, Huadian Power and Huaneng Power.
Environmental regulatory requirements may have been the straw that broke a baseload's camel's back — particularly for
coal plants — but it appears that most baseload plants were already burdened by the effects of low natural gas prices, eroding customer
demand, and lower capacity factors before the incremental burden of new regulations
tipped the balance over to retirement.»