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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, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- The University of Queensland
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
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