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