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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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Wednesday, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
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