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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
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