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  • Energy Economy

Banks key in country’s green growth strategy

15 November 2018

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  • Vietnam
The banking sector plays an important role in promoting green and sustainable growth (Photo: VNA)

Hanoi (VNS/VNA) – The banking sector plays a key role in “green” investment, including directing credit flow into environmentally-friendly sectors and restricting flow into projects which might have negative impacts on the environment.

This was highlighted at a conference about developing green banking in Vietnam organised by the Banking Strategy Institute in Hanoi on November 8.

The conference aimed to enhance awareness and corporate responsibility in the banking sector of environmental protection, responses to climate change and gradually making banking activities more ‘green’.

Focus would be placed on directing credit flow into eco-friendly projects, boosting green production and services as well as clean and renewable energy so as to contribute to promoting green and sustainable growth.

Deputy Director of the Banking Strategy Institute Pham Xuan Hoe said that as Vietnam faced a number of environmental problems, including climate change, natural disasters, drought, floods and pollution, the goal over the next two decades would not only be achieving rapid growth but also sustainable economic development.

Hoe said to successfully implement the national green growth strategy in 2011-20, the banking sector played a very important role in promoting the transition towards sustainable growth though credit policies which target environmentally-friendly projects.

The banking sector was the bridge connecting depositors and borrowers and also participated in project risk management, including environmental risks. At the same time, banking activity can also promote environmental protection through the application of e-banking and non-paper policies.

“The banking sector plays a significant role in green investment and directing credit to eco-friendly sectors,” Hoe said, adding that credit policies which prioritised environmentally-friendly projects would encourage borrowers to implement green projects rather than those that damage the environment.

Green credit policies were also key to saving energy, reducing emissions and directing the economy towards green growth, Hoe said.

The Governor of the State Bank of Vietnam issued Decision No 1640/QD-NHNN approving the scheme on green bank development in Vietnam on August 7.

The scheme aims to gradually increase the lending to green industries and sectors while accelerating the application of new technologies and environmentally-friendly practices among bank clients, promoting e-transactions, new services and modern payment instruments.

Under the scheme, by 2025, all banks in the country would develop their internal regulations on environmental and social risk management in their lending activities. In addition, all banks would conduct the assessment of social and environmental risks in their lending activities and apply environmental standards for all projects receiving loans from the banks.

The environmental risk assessment will be integrated as part of the banks’ credit risk assessment.

As part of the scheme, 10 to 12 banks would establish specialised units for social and environmental risk management and at least 60 per cent of the banks would have access to green capital resources and provide green credit.-VNS/VNA

  • Oil & Gas

ECV moves LNG project to new location

15 November 2018

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  • Vietnam

Energy Capital Vietnam (ECV) has announced that it has moved its initial project location from Bac Lieu to Quang Nam, which is located along the central coast of the country approximately one hour south of Da Nang.

According to the statement, the decision was made in cooperation and consultation with the office of the Prime Minister and the Ministry of Industry and Trade (MOIT), which is the key authoritative body that oversees the energy sector.

The CEO of ECV, David Lewis, said: “We serve at the pleasure of the government and are grateful for the support and assistance from MOIT on this decision, which was made a few months ago after more extensive diligence. Our primary purpose is to bring LNG power to Vietnam in the most efficient and effective manner possible, and we always listen to suggestions and requests from the government.”

ECV claims that it is currently engaging the Houston office of Mitsui Ocean Development & Engineering Co. (MODEC) to conduct the feasibility study on its semi-offshore LNG power project. The study, which is expected to be finished by 2Q19, will confirm final site selection details, optimal LNG storage and a power generating solution. The company says that it is expected to use LNG sourced from the US as its fuel supply for the project, and has commenced talks with potential suppliers. Detailed engineering design will begin upon the conclusion of the feasibility study.

The President of ECV, Gilles Labbe, said: “We look forward to the completion of this work and to phase one initiation of our planned 3.2 GW semi-offshore power project. This location brings naturally deeper waters with improved access to transmission infrastructure. Importing US-sourced LNG to Vietnam will bring Texas resources into a vibrant new marketplace and help reduce the trade deficit between the two countries.”

ECV further announced the appointments of Ambassador Ted Osius and Ambassador Robert Holleyman to its Advisory Board. Previously, Ambassador Osius acted as US Ambassador to Vietnam from 2014 to 2017, while Holleyman served as Deputy US Trade Representative from 2014 to 2017, with the rank of Ambassador.

Lewis added: “Ambassador Osius brings a wealth of knowledge and first-hand expertise on the advances within Vietnam over the past 20 years and has tremendous insight into the country and its people. Ambassador Holleyman had responsibility for US trade engagement in Asia and global investment policy. He previously worked in the US Senate and led a global software industry organisation and has longstanding experience in Asia and Washington, D.C. Together their collective cultural expertise, government and diplomatic relationships will be a great asset to the company and our long-term efforts.”

This past October, ECV claims that it was notified by the US Department of Commerce that its LNG power project in Quang Nam had been officially approved for national advocacy. According to the statement, the diligence process commenced in June this year, incorporating collective feedback and reports from a number of government entities.

Lewis said: “It’s an honour to be the second LNG affiliated project in Vietnam to receive official support from the US government. We are grateful to Ambassador Kritenbrink for his leadership in helping to secure our approval. He and his team are doing tremendous work to advance the interests of US-sourced LNG in Vietnam.”

KPMG has been selected by ECV to carry out an independent assessment of the LNG and gas power generation market in Vietnam, including benchmark analysis and assumption validation of ECV positioning therein.

  • Renewables

Japan’s TEPCO buys into 29.7-MW hydropower plant in Vietnam

15 November 2018

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  • Vietnam

November 9 (Renewables Now) – Tokyo Electric Power Company Holdings Inc (TYO:9501), or TEPCO, announced today that it has acquired a minority stake in the 29.7-MW Coc San hydropower plant (HPP) in Vietnam.

TEPCO said in a statement it has bought 36.38% of the shares in Singapore-based Viet Hydro Pte Ltd, which is the majority owner of the company that operates the plant, namely Lao Cai Renewable Energy JSC (LCRE).

Separately, InfraCo Asia Development Pte Ltd, a company of the Private Infrastructure Development Group (PIDG), confirmed it has sold its interest in Viet Hydro to TEPCO, noting that through that stake the company indirectly held 33.4% of the Coc San HPP in Lao Cai province.

The purchase serves TEPCO’s strategy to turn renewable energy into one of its primary energy sources, thus pursuing the development of hydropower overseas and offshore wind power in both Japan and overseas. The company aims to eventually reach a total hydropower capacity of 2 GW-3 GW.

Operational as of April 2016, the Coc San plant sells its output under a 20-year contract with Northern Power Corporation, a power distributing subsidiary of Vietnam Electricity. Coc San, which generates over 120 GWh per year, will continue to be run by LCRE.

This is TEPCO’s first hydropower project outside Japan, it said, adding that it will be exploring opportunities to participate in other such projects, mainly in Southeast Asia, and developing its overseas business.

  • Electricity/Power Grid

SRX Property website, app now help users switch electricity retailer

15 November 2018

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  • Singapore
The launch of the service coincides with the start of the nationwide rollout of the open electricity market.PHOTO: SCREENGRAB FROM SRX.COM.SG

 

SINGAPORE – Households can save on their power bills by switching their electricity retailer online in just a few clicks with a new service launched on Friday (Nov 9) by real-estate services provider SRX Property .

The service is offered on its srx.com.sg website and its mySG Home App.

Its launch coincides with the start of the nationwide rollout of the open electricity market, where consumers can switch electricity provider as part of the Government’s move to liberalise the local retail power market.

SRX Property has leveraged GovTech’s MyInfo service to enable people to verify their identity online using SingPass and apply to their chosen electricity retailer within minutes.

Those using the SingPass app on their mobile phones can also use their face ID or thumbprint to switch electricity retailers.

Households can check their eligibility to switch electricity retailer on srx.com.sg.

According to the Open Electricity Market schedule, households with postal codes starting with 58 to 78 have been able to switch electricity retailers since Nov 1, 2018, joining households in Jurong which have been able to buy from other electricity retailers since April 2018.

The nationwide rollout of the electricity market liberalisation is scheduled to be completed by May 2019.

SRX is run by Streetsine Technology Group, which is a subsidiary of Singapore Press Holdings, which owns The Straits Times.

Its mySG Home platform allows users to track the value of their homes and apply for a home loan with multiple lenders. More than 102,000 homes are already tracked by mySG Home members.

  • Renewables

Singapore’s largest offshore floating solar panel system to be built along Straits of Johor

15 November 2018

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  • Singapore

SINGAPORE – A floating solar panel system roughly the size of five football fields will soon come up near Singapore’s northern shores, along the Straits of Johor.

It is Singapore’s largest offshore floating solar panel system at about 5ha and  developed by sustainable energy provider Sunseap Group.

Sunseap said this will be one of the world’s largest sea-based floating photovoltaic (PV) system, as most  large-scale floating PV systems are built on freshwater ponds, lakes or reservoirs.

  • Renewables

EU Provides €60 Million Grant to the Philippines to Install Solar Home Systems

15 November 2018

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  • Philippines
It will benefit roughly 100,000 off-grid households in the country.

The European Union (EU) has provided an approximate grant of €60 million (~$68.54 million) to the Philippine government to help the country increase access to electricity services in its off-grid communities.

This would increase the country’s share of renewables in its energy mix and also help in implementing new energy efficiency strategies.

The initiative is being implemented through the Access to Sustainable Energy Program (ASEP) and is supported by the United States Department of Energy (DOE). It will benefit roughly 100,000 households, especially in the remote areas of Bangsamoro region.

Under the ASEP’s program, about 40,500 solar home systems will be installed in remote off-grid communities in various provinces in Mindanao. These home systems will have each a peak capacity of 50 watt. Mercom had reported previously that these solar home systems would be bid in May 2018.

The installation of solar home systems has already been completed in Sitio New Mabuhay, Barangay Little Baguio in the Municipality of Malita, and Davao Occidental.

“Rest assured, the DOE and our partners-stakeholders will continue to explore more projects that will benefit our brothers and sisters in remote areas through innovative solutions,” said DOE Secretary Alfonso G. Cusi in a press statement.

ASEP, a sustainable energy program, was launched in the Philippines back in 2016. The mandate of the program is to support the government in its efforts to increase access to electricity, integrate renewable energies on and off grid, and promote energy efficiency.

Other than EU and DOE, the National Electrification Administration, Energy Regulatory Commission, National Power Corporation, electric cooperatives and local governments are the key stakeholders of ASEP.

In June, the International Financial Corporation (IFC), a member of the World Bank group, issued its first internationally rated triple-A peso-denominated green bond which is equivalent to $90 million.  According to IFC, Mabuhay Bond will be the first green bond, denominated in Philippine pesos, to be issued by a multilateral development institution.

In January 2018, Mercom reported off-grid solar solutions have benefitted approximately 360 million people across the globe, according to a report by the World Bank Group’s Lighting Global Program, Dalberg Advisors, and the Global Off-Grid Lighting Association (GOGLA).

Off-grid solar has a bright future in poor and underdeveloped parts of the world, while funding toward these emerging markets has also witnessed a significant increase over the years.

According to a recent report by GOGLA, 3.7 million off-grid solar products were sold globally during the first half of 2018, an increase of four percent in comparison to the same time last year.

  • Oil & Gas

IDEAS: Gas price normalisation important to drive sector’s growth

15 November 2018

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  • Malaysia

KUALA LUMPUR (Nov 8): The process of normalising gas prices between the domestic market and global prices is a critical step towards driving Malaysia’s gas production activities, said IDEAS senior fellow Prof Renato Lima de Oliveira.

The normalisation, which is currently ongoing via the gas cost pass through (GCPT) mechanism, will make domestic sales profitable, thus providing an incentive for oil and gas (O&G) companies to further invest in Malaysia’s gas fields.

“There has been progress towards unifying the selling price of gas for electricity generation for industrial use here, with international prices.

“You need that convergence in order to be profitable to exploit fields here. That is an important mechanism to increase the amount of natural gas [used in the country],” said Oliveira at a forum on Malaysia’s energy policy challenges today.

Under the GCPT mechanism, base tariff for the domestic sale of natural gas in Malaysia is to be gradually increased — currently by RM1.50/mmBtu every six months, excluding surcharge — until end-2019, to match global prices. The latest hike was conducted on July 1.

However, there are concerns that the local gas price hike will put upward pressure on electricity tariff prices, causing power companies to stick to cheaper feedstock such as coal, which is less clean.

In terms of Malaysia’s energy generation mix, coal made up 42.5% in 2016, from a mere 8.3% ten years ago. The percentage of gas in electricity generation, meanwhile, fell to 43.5% from 58.9% in the same period.

Industry veterans argue that the government will not be able to increase electricity tariffs in the near term, given the current political climate and the assurance Tenaga Nasional Bhd will stick to current electricity tariff schedules until Dec 31, 2020.

“Rather than thinking that [the GCPT mechanism] is a negative thing [for consumers], what it will do is increase the attractiveness of investing to find more gas in Malaysia,” Oliveira said.

“So that will boost the O&G industry. It’s not that we are going to increase the costs. It will actually drive the sector towards further growth, and this is the sector that has the highest salaries,” he said.

Malaysia’s energy balance is carbon-heavy, and decarbonisation — as called for by the Green Technology Master Plan and the Pakatan Harapan Manifesto — will require greater investments in technologies and new public policies to unlock more natural gas and support the expansion of renewable sources, Oliveira added.

“Malaysia has been gradually implementing policies to promote renewables, but they have yet to move the needle in the direction of less carbon,” he added.

Renewables play a role in addressing costs and carbon footprint concerns, Oliveira said.

He highlighted that capital and operational expenses for renewables such as solar energy have decreased faster than other energy sources, which makes renewables an increasingly viable substitute to coal.

He gave an example of a power company which developed two solar farms with a five-year gap in between. Both produced equal internal rate of returns (IRR), despite electricity produced in the newer plant being sold at 50% cheaper than the older plant.

“Given the cost reduction of renewables such as solar, even costs is not necessarily a barrier [to replace coal], going forward,” Oliveira said.

In the mean time, Malaysia’s natural gas reserves — which would last until 2050, based on current production rate — makes it “perfect” for the country to add more renewable energy capacity, the researcher said.

“Malaysia does not have much potential for wind energy, for example. But you could add more solar capacity and compensate the intermittency with natural gas power plants,” Oliveira added.

According to news reports, Malaysia is planning to introduce an Energy Efficiency Bill next year, as part of its plan to reduce national carbon footprint by 45% by 2030, compared with 2005 levels. It has also set a target for 20% electricity to be generated from renewable sources by 2030.

  • Renewables

Coca-Cola FEMSA taps First Gen for renewable shift

15 November 2018

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  • Philippines
First Gen Corp CFO and SVP Emmanuel Singson, SVP Victor Santos Jr., Energy Development Corp President and COO Richard Tantoco, Coca-Cola FEMSA Philippines CEO Fabricio Ponce, supply chain director Carlos Manrique, and finance director Jawahar Solai Kuppuswamy.

MANILA — Coca-Cola FEMSA Philippines, the franchise bottler of Coke products in the Philippines, said it tapped First Gen Corp’s retail arms for its renewable energy needs.

First Gen Energy Solutions and Bac-Man Geothermal will supply power to Coca Cola FEMSA facilities in Ilocos, Pangasinan, Pampanga and Cebu, which shifted to renewable energy last Oct. 26, the bottler said in a statement.

With its partnership with First Gen, Coca-Cola FEMSA said it hoped to reduce its carbon footprint by 20 percent in 2020.

Coca-Cola FEMSA, which has 19 bottling facilities in the country, sources 40 percent of its electricity from renewable sources.

First Gen’s portfolio includes geothermal, hydro, wind and solar.

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