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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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- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Planning Commission, India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- VISA Power Limited - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
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