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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- The University of Queensland
- PTC India Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Australian Coal Association
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
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