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Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
 China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 – rather than capacity installations, should add flexibility in adding installations and alleviate curtailment risk, says Fitch Ratings.
China targets for renewables to supply 33% to national power consumption by 2025, and for non-hydro renewables to contribute 18%; the two consumption quota targets are 4.3pp and 3.6pp higher than 2021 levels, respectively. Correspondingly, China expects to increase annual renewable generation to 3,300 terawatt hours by 2025, implying a CAGR of 7%-8% in the next four years.
The 14th five-year plan does not specify a target for renewable power capacity, unlike previous plans. This should allow for more flexibility on annual capacity additions in 2022-2025, which can instead be driven by power demand growth and the power system’s ability to consume the newly added installations.
Such flexibility in capacity installations should also alleviate curtailment risk from oversupply, supported by the fast development of storage systems, combined with the well-planned locations of new projects, including at large renewable bases that will contribute the majority of new installations under the plan. Most renewable bases will be located at load centres, such as Hebei and Shandong, or in desert and deserted areas, including those in Inner Mongolia and Gansu, where land is cheaper, renewable resources are abundant and UHV lines – which transmit power intra-provincially to specific load centres – are established or will become available.
New projects with grid offtakes can sell pre-agreed volume at fixed prices, but the amount of renewable power generated in excess of the offtake volume and projects without grid offtakes will be traded in the market. The 14th five-year plan encourages renewable generation companies and end-users to enter long-term contracts. Trading premiums are likely to occur in coastal regions, where renewable resources are limited, but demand for green energy is increasingly robust, while renewable power produced in provinces with excess supply may be traded at a discount.
Fitch Ratings, China also expects stronger enforceability of the 14th five year plan, which was released by the National Development and Reform Commission (NDRC), China’s central regulator, jointly with eight central-government bodies, including the Ministry of Finance, Ministry of Natural Resources, Ministry of Housing and Rural-Urban Development and Ministry of Ecology and Environment, which are responsible for approving and facilitating the development of renewable projects or monitoring the consumption levels. Previous plans were normally introduced by NDRC alone.
Fitch further expects China to maintain strong renewable installation growth, despite the lack of capacity targets specified for end-2025. We estimate that China is likely to boost annual wind and solar power capacity by 100-110 gigawatts (GW) on average, assuming national power demand grows at a CAGR of 4.7% in the next four years. Our estimated capacity additions are comparable with the 103GW installed in 2021, but below the 2020 peak of 120GW. However, provincial and corporate level end-2025 targets, if added, suggest faster capacity additions. We thus expect capex and leverage at most state-owned power generation companies to stay high over the medium term.
For the first time, the five-year plan sets goals on the usage of non-power renewable energy, such as heating by solar, geothermal and biomass. This may encourage favourable policies on integrated energy and support the earnings of city-gas operators and national oil companies, which are becoming active in developing non-carbon energy businesses.
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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- White Energy Company Limited
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
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