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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, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
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- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Australian Coal Association
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
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