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Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
 Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in certain provinces, Fitch Ratings says. The extent of the impact of this new policy announced by China's National Development and Reform Commission on 27 May 2016 will depend on execution at the provincial level.
According to Fitch, the new policy comes as solar and wind power producers frequently face curtailment, where power grids do not purchase all the energy generated. The wastage arises as the government has not strictly enforced the Renewable Energy Law, which requires grid companies to purchase solar and wind power generated first before buying from other sources. In the past, delayed grid connectivity and higher on-grid priority for power/heating co-generation during the winter season in certain regions contributed to solar and wind power curtailment. Starting from 2015, renewable energy faced additional challenges from slower power demand growth due to the weaker economic growth, and the significant capacity additions by thermal and renewable power producers.
Fitch further noted that, the under the new policy, the NDRC will guarantee that grid companies purchase solar and wind power, based on a minimum utilisation hour for such projects, in 11 provinces where producers face severe curtailment. The 11 provinces are: Inner Mongolia, Xinjiang, Gansu, Jilin, Heilongjiang, Ningxia, Liaoning, Qinghai, parts of Hebei, Shanxi and Shaanxi. The curtailment ratios in these provinces were higher than China's average solar and wind power curtailment ratios of 14% and 26%, respectively, in 1Q16. These provinces represented 69% of China's total wind power generation and 70% of total solar capacity in 2015.
The NDRC's guarantee of a minimum utilisation hour for solar and wind power, which is set to allow these generators a reasonable return, will provide some comfort to renewable energy investors in these provinces, who have seen the utilisation hours for wind and solar power in these provinces decline in the past two years. The NDRC will guarantee minimum utilisation hour of between 1,800 and 2,000 hours for wind power and between 1,300 and 1,500 hours for solar power in these regions. The average minimum guarantee is about 17% higher than the actual utilisation in 2015, although around 8% lower than that in 2013.
The new NDRC policy also bans new wind and solar power projects in the regions where the utilisation rate is below the minimum amount under the guaranteed purchase policy. There are still 33GW of wind power projects in the pipeline in these 11 provinces, and those that have not started construction may be suspended.
We believe the effectiveness of the guarantee in provinces such as Gansu, Jilin and Heilongjiang will be most dependent on the execution; especially because the policy has not specified who will bear the cost of any non-compliance with the minimum purchase guarantee. These regions' actual utilisation hours in 2015 were 19%-34% below the announced guarantee. The expected growth in power demand in these regions is also weak and export transmission capacity is currently limited. Thermal power (mostly co-gen units) is also running at low utilisation, which means there is limited room to allocate more on-grid capacity to renewable energy without further hurting the thermal power producers.
The NDRC's guarantee does not affect the on-grid tariff subsidies currently in place for solar and wind power. Beyond the minimum purchase guaranteed by NDRC, solar and wind power generators can sell any excess power generated through a market power sales programme. The generators will receive the proceeds from the power sales and any applicable subsidies for solar or wind power, Fitch Ratings says.
The impact of the new policy on the thermal-power sector will be minimal, as wind and solar together account for only 4% of national power generation. We estimate that thermal-power utilisation would only have been less than 1% lower if the off-take from solar and wind projects were at the guaranteed requirement in 2015. However, we expect utilisation levels for coal-fired generation to continue to fall due to the increasing over-capacity in the sector, Fitch Ratings Concluded.
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Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
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- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
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