China's power demand crept up by 7.2% in March

Rebound was due to 2013's low base.

According to Nomura, power output/demand in March 2014 went up 6.2%/7.2% y-y respectively and rebounds slightly on low base of 2013. 

National power output rose 6.2% y-y in March 2014 (3M14: +5.8%) vs. 5.5% yy in 2M14, whereas power demand rose 7.2% y-y (3M14: +5.4%) vs. 4.5% y-y in 2M14.

Here's more from Nomura:

The rebound in power demand growth was largely due to a low base in 2013. The largest gains in power output were recorded in Xinjiang, Sichuan, Anhui and Shaanxi, where CPID has the highest exposure.

The main demand driver was light industrial and tertiary demand growth, which recorded 12.1%/10.5% y-y growth in March 2014, respectively.

National average plant utilisation fell 3.4% y-y in 3M14.

New power capacity was 13.2GW in 3M14, implying 1.1% YTD growth or annualised growth of 4.3% (53.3GW) in 2014F. As generally more capacity is slated for completion in the second-half of the year, we maintain our 2014F capacity addition forecast of 95GW.