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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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Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- VISA Power Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
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