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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
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