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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
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