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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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Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Indian Energy Exchange, India
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- Sindya Power Generating Company Private Ltd
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- Romanian Commodities Exchange
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- India Bulls Power Limited - India
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- Standard Chartered Bank - UAE
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- Larsen & Toubro Limited - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Karbindo Abesyapradhi - Indoneisa
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- Merrill Lynch Commodities Europe
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- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
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- Ministry of Transport, Egypt
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- Global Coal Blending Company Limited - Australia
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- Wilmar Investment Holdings
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- Jaiprakash Power Ventures ltd
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- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
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- Attock Cement Pakistan Limited
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- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Planning Commission, India
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- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
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- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
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- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Parliament of New Zealand
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- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
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- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
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