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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, 17 February 16
THE OWNERS FACING HISTORICAL LOW DRY BULK RATES; COAL IMPORTS TO CHINA IS STILL POINTING TO A STRONG TREND OF DECLINING CONSUMPTION
The sharp fall in dry bulk rates that has been taking place since the end of last year and has left owners facing historical low rates for a substa ...
Monday, 15 February 16
CALL THE DOCTOR! SHIPPING'S MEDICAL DRAMA UNFOLDS......- CLARKSONS
The recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities. Many of the key shipping markets ...
Monday, 15 February 16
CS 42 COAL INDEX ROSE 0.07% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.15 percent week over week to averaging $38.96 per ton on this past Friday, ...
Monday, 15 February 16
BALTIC INDEX MARGINALLY ROSE BY A POINT D-D; CAPESIZE INDEX DOWN 13 POINTS W-W; PANAMAX INDEX UP 29 POINTS W-W
COALspot.com: The freight markets continued to fall this past week.
The BDI, The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measu ...
Friday, 12 February 16
DRY BULK MARKET'S FORTUNES STILL TIED WITH CHINA'S ECONOMY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The inevitable slowdown of the Chinese economy was expected to hurt dry bulk shipping, but few expected the blow to be this hard, especially given ...
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- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
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