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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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Friday, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
Wednesday, 02 September 20
MARKET INSIGHT - INTERMODAL
The imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via w ...
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- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Australian Coal Association
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- The University of Queensland
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
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