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  • Energy Cooperation
5 November 2019

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  • Vietnam

Prime Minister of the Socialist Republic of Vietnam Nguyen Xuan Phuc together with Vietnam’s Minister of Industry and Trade Tran Tuan Anh on Saturday (November 2) presided over the signing of a cooperation agreement for the development of an integrated LNG-power project in Vietnam’s Ninh Thuan province between Gulf Energy Development Public Co Ltd (Gulf) and Luu Xuan Vinh, president of Ninh Thuan Provincial People’s Committee.
The signing, held on the sidelines of the 35th Asean Summit and Related Summits at Impact Muang Thong Thani, was led on the Thai side by Gulf’s president Porntipa Chinvetkitvanit, former Supreme Court president Cheep Jullamon and former Minister of Energy Viset Choopiban.

The project aims to study the feasibility of building a liquid natural gas (LNG) power plant with the capacity of 6,000 megawatts and fully equipped with a LNG processing and distribution station to support economic and urban expansion in the Southeastern region of Vietnam.

  • Energy Economy
5 November 2019

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  • ASEAN

SINGAPORE – The World Bank Group is anticipating that financing flow in energy projects will be largely dominated by new projects in the liquefied natural gas (LNG) and renewable energy (RE) sectors in the near- to longer-term investment horizons.

“LNG will remain to have a lot of space in energy financing as gas demand increases in Asia. LNG will play a key role as the cost of gas comes down substantially, so I see LNG financing going up,” said Ranjit Lamech, regional director of the World Bank’s Infrastructure Department in East and the Pacific region, at the Singapore Energy Summit.

The Philippines is among the countries in Southeast Asia that is cementing its pathway into having fresh investments in the LNG sector because of the anticipated production decline of its only commercial gas-producing field.

Another sector that he sees gobbling up most of available energy funding will be the RE ventures. “Renewables has been accelerating for quite a while and that will continue,” Lamech emphasized.

Nevertheless, he said there are now manifest challenges when it comes to financing new RE projects given the precipitous slide in the technology costs – primarily for solar and wind installations.

“One issue that is emerging with the financing of renewables — where banks and institutions like ourselves are often challenged to increase the level of the financing — is because of risks on the asset side,” he stressed.

Lamech cited a case wherein a bank may be extending financing for a solar project at 7 to 8 US cents at the project’s construction, and then suddenly, the cost of the technology would go down to the level of 3 to 4 US cents and there could be tendencies for governments or policymakers to exert pressure on developers to bring down electricity costs without seriously considering the economics that the project sponsor and its lenders have had at the approval and construction phase of such installations.

“So the technology risk – from a consumer perspective it’s good for the world in general. But oftentimes, these pose challenges on the collateral and technology risks side. This is an issue that concerns us, along with all the other banks, whether we can continue financing these assets — so that’s an important factor to consider,” the World Bank executive noted.

Beyond these two industry segments, he indicated that energy access or electrification ventures in many remote areas of various countries in Asia – including Cambodia, Myanmar, Vietnam and the Philippines, will also be cornering funding for projects as well as those that are packaged as grants or technical assistance.

“In terms of growth on energy financing, a couple of Southeast Asian countries still need access to electrification financing – whether you are Myanmar, countries in the Pacific Island or other countries like Vietnam or the Philippines,” he said.

The distribution segment of the power industry although unpopular, is similarly perceived to be having its share on available cash or lending portfolios being funneled to the energy sector.

“Financing in distribution is going to scale up because people deserve valuable service. That is not just a very popular side, many people don’t talk about it but their loads are increasing,”Lamech said.

  • Energy Economy
5 November 2019

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  • Cambodia

Mainboard-listed ISDN Holdings has taken a 33 per cent stake in a joint venture that will build an 80MW hydroelectric power plant in Cambodia.

The industrial automation firm will inject US$500,000 (S$679,000) as equity into the joint venture and another US$2.5 million as a shareholder loan representing the expected sum for the project’s initial development phase, it said yesterday.

The project has already received confirmation and guarantees from the Cambodian government for business rights for the construction of the plant and for the sale of electricity at a fixed price to the Cambodia Electric Power Corporation.

Its operating rights will be transferred to the corporation 35 years after the plant starts operations.

The joint venture is called SPHP and is incorporated here. Tokyo-listed eREX holds 34 per cent and Cambodian company Asia Energy Power the remaining 33 per cent.

eREX is a power producer and supplier, while Asia Energy Power is a newly incorporated Cambodian firm that builds electric power plants.

ISDN managing director and president Teo Cher Koon said the group had been looking for “lucrative opportunities” to further penetrate Asia’s renewable energy sector.

In a separate announcement yesterday, ISDN said its unit ISDN Myanmar Power has disposed of its 30 per cent stake in C&I Renewable for 822,172 yuan (S$159,000) in cash.

  • Oil & Gas
5 November 2019

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  • ASEAN

SINGAPORE – With rising sea levels and a warming planet, the transformation of the global energy mix to cleaner sources is expected to be led by the gas sector while renewables will continue to gain traction, according to a US energy official.

Kurt Donnelly, deputy assistant secretary for Energy Diplomacy of the US State Department, said that as “customers look for reliable and flexible electricity – and renewables today cannot fully provide that until the commercial maturity of storage solutions, the best solution to cleaner energy transformation is natural gas.”

Donnelly emphasized that “electricity demand globally is expected to double or triple from what we have today,” and the natural consequence of that will be the need for a lot more fuel for electricity generation going forward.

He also noted that fossil fuels will still have a place in the transformative phase of the energy sector onward to 2050, and that coal cannot still be totally phased out but gas will be taking a larger pie in the mix. Renewables, in the meantime, will be on an accelerated pace of installations in the future.

“Certainly energy needs to be cleaner but we also need solutions that will be sustainable,” said Donnelly. He said gas will be the leader in that transition pathway given the abundant supply sources and with its costs that had already gotten so much cheaper.

The view of the US State department had been echoed by a study done by global think tank International Energy Agency (IEA), which noted the rising reliance of many Southeast Asian countries on fossil fuels.

For ASEAN countries (Philippines, Brunei Darussalam, Cambodia, Indonesia, Myanmar, Lao PDR, Malaysia, Myanmar, Singapore, Thailand and Vietnam) to “come out cleaner” on their deployment of energy technologies, the IEA prescribed that they must seriously deal with “legacy issues” such as addressing the higher emissions spewed out from older technologies in coal-fired power facilities which are not only an assault to the environment but they are also less efficient when it comes to electricity generation.

As noted by Keisuke Sadamori, the IEA’s director of Energy Markets and Security, “based on today’s policy settings, Southeast Asia’s overall energy demand is set to grow by 60-percent between now and 2040,” but in parallel to that, he emphasized that this region has also been relentlessly increasing its oil and coal imports and the “troubling signs” are now manifesting.

“All fuels and technologies play a part in meeting the projected increase in oil — surpassing nine million barrels per day (mb/d) by 2040 or up from just above 6.5 mb/d today. (While) coal demand rises steadily,” the IEA study has stipulated.

The Paris-headquartered global think tank noted that “if the region continues on this track, the consequences would be troubling,” while emphasizing that the projected growth in fossil fuel consumption in this part of the world “would drive a two-thirds rise in CO2 emissions – reaching almost 2.4 billion tonnes in 2040.”

And while renewable energy installations in some power markets are picking up, the overall energy supply-demand balance for most countries in Southeast Asia is still for them becoming net importers of fossil fuels.
“Oil is the largest element in the regional energy mix, and coal – largely for power generation, has been the fastest growing,” IEA said, stressing that “this has underpinned the region’s development and industrial growth, but has also made air pollution a major risk to public health and driven up energy-related CO2 emissions.”

  • Energy Cooperation
5 November 2019

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  • Thailand

The state-run Electricity Generating Authority of Thailand (Egat) is planning to talk with power authorities in Cambodia and Myanmar to trade electricity from Thailand at a combined capacity of 500 megawatts.

Patana Sangsriroujana, deputy governor for policy and planning, said Egat has been ordered by Energy Minister Sontirat Sontijirawong to talk with the two governments about future power trading.

“The sales to Cambodia will happen quicker than Myanmar because some transmission lines have been developed in Cambodia,” said Mr Patana.

“Myanmar requires new investment for power infrastructure.”

He said the electricity trade to both countries should begin by 2023. The energy ministers of the three countries need to agree on a contract.

Mr Patana said the Laos government is also interested in trading power to Cambodia and Myanmar under its Battery of Asia policy.

After the talk ends, both buyers and sellers will study the feasibility in more detail such as power capacity, locations of transmission lines, power tariffs and periods of trade.

This new trade is another step after a power agreement between Laos, Malaysia and Thailand.

The three countries agreed to a second power purchase under the Laos, Thailand and Malaysia Power Integration Project (LTM-PIP) in September during the Asean Ministers on Energy Meeting and Associated Meetings (AMEM) in Bangkok.

Trade between the three countries has increased to 300MW, from 100MW in the first LTM-PIP.

Mr Patana said community-owned power plants will be developed from renewable resources under the government’s Energy for All scheme, resulting in power generation of 500-1,000MW, which can be traded to neighbours in Southeast Asia.

In addition, representatives from Myanmar said during AMEM the country needs to widen power access to locals.

Some 50% of Myanmar’s population cannot access electricity, which is obstructing its economic growth.

Mr Patana said Egat’s preliminary study found Thailand can trade electricity to Myanmar through the immigration checkpoint at Mae Sot, Tak.

Mr Sontirat, the energy minister, said last week Thailand’s power supply has a large surplus with installed capacity of 44,000MW.

Peak demand is 32,000MW, leaving plenty of room to trade power to neighbouring countries.

“A lot of new power plants are expected to begin operation over the next three years, increasing the capacity surplus to 30% from 27% now,” said Mr Sontirat.

  • Energy-Climate & Environment
4 November 2019

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  • Vietnam

A study carried out by scientists in the US has revealed worrying times are ahead. It claims by 2050, Hồ Chí Minh City will be completely submerged underwater. Three of the city’s young residents give Việt Nam News their opinions on the matter.
Read more at http://vietnamnews.vn/environment/537899/on-the-brink-how-climate-change-affects-hcm-city.html#XeDJy7Dp0QvWx08B.99

  • Renewables
4 November 2019

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  • Vietnam

November 4 (Renewables Now) – Finland’s Poyry Plc (HEL:POY1V) said Friday it joined a 90-MW wind farm project in the town of Vinh Chau, Vietnam, under an owner’s engineer contract awarded by a unit of Thai company Banpu Power PCL (BKK:BPP).

Poyry said it won the assignment on the back of its previous collaboration with Banpu Power, serving as a technical advisor in the feasibility study and other stages of the Vinh Chau project.

Under the newly-awarded contract, Poyry will serve as a project manager, carry out a review of the engineering, procurement and construction (EPC) contractor’s design, and monitor the wind farm construction and its commissioning. Additionally, it will oversee the works on the external 110-kV transmission line and the wind farm’s connection to the national grid run by Vietnam Electricity Group (EVN).

The Finnish consulting and engineering firm said the wind farm will be built in three 30-MW phases. Detailed engineering design for the first phase is due to start in December 2019, while site mobilisation will follow in February next year.

Once the park goes online, it will deliver its output to EVN under a standard power purchase agreement (PPA) for wind projects in Vietnam, Poyry said.

  • Renewables
4 November 2019

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  • Philippines

Philippines-listed AC Energy has acquired an additional stake in a renewable energy firm that owns and operates a wind farm in Ilocos Norte, while logistics firm LBC Express buys into Japanese shipping firm Mermaid. AC Energy buys JV partner’s stake in North Luzon Renewables Philippines-listed AC Energy, the energy platform of conglomerate Ayala Corporation, has acquired the ownership stake of Philippine Investment Alliance for Infrastructure (PINAI) in North Luzon Renewables Energy Corporation (North Luzon Renewables) for an undisclosed amount. PINAI is a fund composed of Macquarie Infrastructure Holdings (Philippines), Langoer Investments Holding, and the Government Service Insurance System. It has a 31-per cent preferred equity ownership and 15-per cent common equity ownership in North Luzon Renewables. North Luzon Renewables, which owns and operates an 81-megawatt wind farm in Pagudpud, Ilocos Norte, is a joint venture of AC Energy, UPC Philippines, Luzon Wind Energy holdings, and PINAI. AC Energy said the acquisition is subject to definitive documentation and approval by the Philippine Competition Commission. In June, the company said it has completed its acquisition of Phinma Group’s 51.48 per cent stake in power firm Phinma Energy Corp. LBC picks up stake in Japanese box shipper Mermaid LBC Express Holdings, a Philippines-listed logistics firm, announced Monday that it has bought into Mermaid Co Ltd, a Japan-based firm that ships household and other goods from expatriates living in Japan to their respective home countries. In a disclosure to the Philippine Stock Exchange, LBC said it has purchased all the shares of Tsukasa Takahashi, Mediatrix Takahashi, and Eiichi Gotoh in Mermaid under an acquisition agreement. LBC, however, did not disclose the percentage of stakes it acquired but said it will pay $200,000 in cash. Mermaid is popular among Filipinos working or living in Japan because of its “Balikbayan Box” service. The box is a household name in the Philippines as it refers to the package that contains various items – from bath soap, towels, chocolates, shoes, clothing – sent by Filipinos working abroad to their families back home. “The acquisition is expected to benefit the company by contributing to the global revenue stream,” LBC said.

Read more at: https://www.dealstreetasia.com/stories/ac-energy-lbc-deals-160751/

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