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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, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
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