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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, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
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