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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, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dw ...
Tuesday, 10 November 15
SELF-HEATING OF COAL HAS EMPHASISED THE IMPORTANCE OF CHECKING THE ACCURACY OF SHIPPER'S DECLARATIONS - GARD
Recent incidents involving self-heating of coal has emphasised the importance of checking the accuracy of shipper’s declarations for all type ...
Tuesday, 10 November 15
API 5 FOB NEWCASTLE COAL SWAP SLIDES CONTINUE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.55 per ton (8.50%) month over month to US$ 38.20 per ton. The swap ...
Monday, 09 November 15
BUNKER PRICES TO KEEP SLIDING THIS WEEK, EXPERT SAYS - MARINE BUNKER EXCHANGE
The oil price volatility has continued this week. Two dollars up one day and the next day two dollars down. The oil market has been trading on the ...
Monday, 09 November 15
CFR SOUTH CHINA THERMAL COAL SWAP FOR Q3' 16 CONTRACT DECLINED US$ 4 PER TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.35 (9.03 %) per ton month over month.
A commodity swa ...
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- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- London Commodity Brokers - England
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Economic Council, Georgia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
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