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