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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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Thursday, 15 October 15
Q1' 16 FOB RICHARDS BAY COAL SWAP ADVANCED 2 PER CENT WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gain week over week and declined month over month.
The Q4 swap was dow ...
Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as Chin ...
Tuesday, 13 October 15
FOB NEWCASTLE COAL SWAP DECLINED 2 PER CENT MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.46 per ton (1.08%) month over month to US$ 42.17 per ton. The ...
Monday, 12 October 15
CFR SOUTH CHINA COAL SWAPS GAIN W-W; SLIGHTLY DOWN M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 3 (0.06 %) per ton month over month.
A commodity ...
Monday, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
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- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Planning Commission, India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- White Energy Company Limited
- MS Steel International - UAE
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
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