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