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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Parliament of New Zealand
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Australian Coal Association
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
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