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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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Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Minerals Council of Australia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
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