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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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Sunday, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
Thursday, 03 December 15
DRY BULK: THERMAL COAL LOWER USAGE UNDER A POTENTIAL NEW CLIMATE DEAL WILL ADVERSELY IMPACT THE MARKET'S RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In direct contrast to the tanker market, the dry bulk one has seen demand for key commodities, such a coal, dwindling down over the course of the p ...
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- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
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