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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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Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- The University of Queensland
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
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