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Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
 The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff stepped up a notch last week when a $5 trillion valued institutional investor group made up of many of the world’s largest insurers and pension schemes warned the companies they invest in not to finance, insure, build, develop or plan new thermal coal plants.
The statement came from the Net-Zero Asset Owner Alliance, whose members include Zurich, Allianz, Wespath and Munich Re.
The objective of the Group’s Thermal Coal Position paper is to encourage transition pathways towards decarbonisation. “Together, investors, governments and companies all have a responsibility to act on global emissions reduction. Additional thermal coal developments for energy generation are ultimately irreconcilable with the exercise of this responsibility,” the Alliance said.
The position paper is the latest in a stream of anti-coal rhetoric, putting increasing pressure on seaborne volumes through the 2020s. One recent coal casualty has been the withdrawal of investors in a South African multi-billion-dollar coal-fired power plant project, the 630 megawatt Thabametsi coal-based power plant project in the northern Limpopo province.
South Africa’s biggest state pension fund manager the Public Investment Corporation, and the Industrial Development Corporation, are no longer supporting the project, which was planned to come online in 2021. Newswire Reuters reports that the Development Bank of Southern Africa is also reassessing the project to determine if it is in line with its policy of a “just transition towards a low carbon economy”.
Falling from the peak
In the US, coal consumption has been declining since its peak in 2017 of 1.1 billion short tons. In 2019, US coal consumption totalled 590 million short tons, according to the US Energy Information Administration (EIA). However, despite projected growth in natural gas and renewable energy use to generate electricity through 2050, the EIA’s Annual Energy Outlook 2020 projects in its reference case that coal and nuclear power plants will collectively provide more than 25% of generation through 2050. End consumers and investors are pushing for that percentage to be reduced before the 30-year projection window is up.
According to data from the EIA, 121 US coal-fired power plants were repurposed to burn other types of fuels between 2011 and 2019, 103 of which were converted to or replaced by natural gas-fired plants. At the end of 2010, 316.8 gigawatts of coal-fired capacity existed in the US, but by the end of 2019, 49.2 gigawatts of that amount was retired, 14.3 gigawatts had the boiler converted to burn natural gas, and 15.3 gigawatts was replaced with natural gas combined cycle.
As the US coal-fired electric generation fleet continues to manage challenges from emission standards and low prices for natural gas, the EIA expects more of these conversions to take place in the future. The Administration has already been notified of eight planned natural gas combined cycle projects, five of which are currently under construction, which will replace existing coal plants.
Across the Atlantic, increased pressure is coming from the European Commission, which published revised emission reduction targets for 2030 in September, requiring greenhouse gas emissions to be reduced by at least 55% by 2030, compared with 1990 levels. This equates to a near-exit from coal by 2025, according to a report from consultant Climact and think-tank Ecologic analysing the EC’s impact assessment. The analysis found that coal could only represent around 2% of the EU’s energy mix under any scenario meeting the target, down from the previous target of 15%.
In its own impact assessment, the EC states that it expects coal to become “marginal in final energy demand in 2030, driven by reductions in industry and the declared policies in a number of Member States to reduce coal for heating purposes, as well as the required increase in uptake of renewables”. While most EU countries have set coal phase-out plans that would end its use before 2030, Romania, Bulgaria, Czechia, Slovenia and Croatia have not set any coal phase-out date yet.
Local law changes are also putting the dampeners on future global coal supply. For example, in Vietnam a new law on public-private partnerships (PPP) that comes into effect next year creates new hurdles for foreign coal investors. The Institute for Energy Economics and Financial Analysis’ energy finance analyst Thu Vu predicts that the new regulatory challenges, coupled with market challenges, will likely prove too onerous for foreign investors in four of the 15 remaining coal power projects in Vietnam’s pipeline: Nam Dinh 1, Vung Ang 2, Vinh Tan 3 and Song Hau 2. These projects have not yet reached the commissioning phase, with contractual agreements still waiting for official sign-off.
“South Korean, Japanese and Chinese investors will likely struggle with changes brought about by the new PPP Law,” said Vu. “In provinces such as Binh Thuan where the proposed Japanese-backed Vinh Tan 3 will reside, renewable energy alternatives have been tried and tested in the past two years, with more solar and wind capacity awaiting in the pipeline. Vung Ang 2’s Ha Tinh province is also seeing a pick-up in renewable investments. Furthermore, local opposition to more polluting coal power in these areas is fierce, compromising the ability of project sponsors to mobilise local government support for their projects.”
Thermal coal imports are still expected to rise in 2020 into the Southeast Asia region as a whole – indeed, the ASEAN region may be the only remaining bright spot for coal as other regions put the squeeze on demand and production. In recognition of this the ASEAN Centre for Energy and the World Coal Association signed a Memorandum of Understanding last week with WCA chief executive Michelle Manook stressing that coal is a “critical enabler in emerging economies for economic growth, particularly those across the ASEAN region. Ms Manook added that the ASEAN region has the right to affordable sources of energy and to build their societies through the crucial role coal plays in steel and cement production – offering a pocket of hope for those in the coal broking, trading and moving industries.
Source: Baltic Exchange
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Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
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- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- London Commodity Brokers - England
- Parliament of New Zealand
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
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