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Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
 China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 – rather than capacity installations, should add flexibility in adding installations and alleviate curtailment risk, says Fitch Ratings.
China targets for renewables to supply 33% to national power consumption by 2025, and for non-hydro renewables to contribute 18%; the two consumption quota targets are 4.3pp and 3.6pp higher than 2021 levels, respectively. Correspondingly, China expects to increase annual renewable generation to 3,300 terawatt hours by 2025, implying a CAGR of 7%-8% in the next four years.
The 14th five-year plan does not specify a target for renewable power capacity, unlike previous plans. This should allow for more flexibility on annual capacity additions in 2022-2025, which can instead be driven by power demand growth and the power system’s ability to consume the newly added installations.
Such flexibility in capacity installations should also alleviate curtailment risk from oversupply, supported by the fast development of storage systems, combined with the well-planned locations of new projects, including at large renewable bases that will contribute the majority of new installations under the plan. Most renewable bases will be located at load centres, such as Hebei and Shandong, or in desert and deserted areas, including those in Inner Mongolia and Gansu, where land is cheaper, renewable resources are abundant and UHV lines – which transmit power intra-provincially to specific load centres – are established or will become available.
New projects with grid offtakes can sell pre-agreed volume at fixed prices, but the amount of renewable power generated in excess of the offtake volume and projects without grid offtakes will be traded in the market. The 14th five-year plan encourages renewable generation companies and end-users to enter long-term contracts. Trading premiums are likely to occur in coastal regions, where renewable resources are limited, but demand for green energy is increasingly robust, while renewable power produced in provinces with excess supply may be traded at a discount.
Fitch Ratings, China also expects stronger enforceability of the 14th five year plan, which was released by the National Development and Reform Commission (NDRC), China’s central regulator, jointly with eight central-government bodies, including the Ministry of Finance, Ministry of Natural Resources, Ministry of Housing and Rural-Urban Development and Ministry of Ecology and Environment, which are responsible for approving and facilitating the development of renewable projects or monitoring the consumption levels. Previous plans were normally introduced by NDRC alone.
Fitch further expects China to maintain strong renewable installation growth, despite the lack of capacity targets specified for end-2025. We estimate that China is likely to boost annual wind and solar power capacity by 100-110 gigawatts (GW) on average, assuming national power demand grows at a CAGR of 4.7% in the next four years. Our estimated capacity additions are comparable with the 103GW installed in 2021, but below the 2020 peak of 120GW. However, provincial and corporate level end-2025 targets, if added, suggest faster capacity additions. We thus expect capex and leverage at most state-owned power generation companies to stay high over the medium term.
For the first time, the five-year plan sets goals on the usage of non-power renewable energy, such as heating by solar, geothermal and biomass. This may encourage favourable policies on integrated energy and support the earnings of city-gas operators and national oil companies, which are becoming active in developing non-carbon energy businesses.
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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
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