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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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Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
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