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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, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
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