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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
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