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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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Saturday, 05 September 20
INDIA WON'T KICK ITS COAL HABIT SO EASILY - HINDU BUSINESS LINE
India has traditionally considered itself lucky to have been endowed with abundant coal reserves, which it has sought to use to meet its energy nee ...
Saturday, 05 September 20
FINANCING COMPLETE FOR 900MW FIFTH PHASE OF MASSIVE DUBAI SOLAR PARK: ARABIAN BUSINESS
Saudi-based ACWA Power on Thursday announced it has completed the signing of all financing agreements for the fifth phase of the Mohammed bin Rashi ...
Saturday, 05 September 20
POLISH COAL DEMAND EXPECTED TO FALL BY 7 MLN TONNES NEXT YEAR: MINISTER - REUTERS
Poland’s demand for coal is expected to fall by around 7 million tonnes next year, or more than 10% of annual hard coal production, after a d ...
Saturday, 05 September 20
PAKISTAN'S NEW 27-YEAR POWER PLAN RISKS LOCKING IN LONG-TERM OVERCAPACITY, LEAVING IMPORTED COAL AND LNG PLANTS STRANDED - IEEFA
Wind and solar, the country’s cheapest source of new generation, also overlooked
Pakistan risks locking itself into building m ...
Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business ye ...
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- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
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