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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Economic Council, Georgia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Parliament of New Zealand
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- White Energy Company Limited
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
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