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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, 21 October 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In today’s dry bulk market, both freight rates and asset prices are creating mixed feelings to seasoned ship owners, who tend to instinctivel ...
Wednesday, 21 October 15
INDONESIAN COAL MINER BUKIT ASAM POSTS POSITIVE PERFORMANCE DURING FIRST THREE QUARTERS OF 2015
COALspot.com: Indonesian publicly listed and state controlled coal miner PT. Bukit Asam has announced that, the company’s coal sales up 8 per ...
Wednesday, 21 October 15
LOWER DEMAND HIT Q1' 16 INDONESIA COAL SWAPS
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 1.88 (-4.71%) per t ...
Tuesday, 20 October 15
SHIPBROKER SEES CAPESIZE RATES EASILY REACHING $25,000/DAY BY YEAR-END : NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future course of the dry bulk market has been troubling market participants for quite some time now, as the “elusive” freight rate ...
Tuesday, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
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- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
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