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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, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Planning Commission, India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Australian Coal Association
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- MS Steel International - UAE
- The University of Queensland
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
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