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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Planning Commission, India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
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