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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, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
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