News Clipping Archive - Page 1210 of 1232

Electricity/Power Grid ,
Oil & Gas

2 November 2018

–

Vietnam

Engineers operate equipment at Nhơn Trạch 2 Power Corporation, a member unit of PetroVietnam Power Corporation (PV Power). — VNA/VNS Photo Huy Hùng

HÀ NỘI — PetroVietnam Power Corporation (PV Power) reported revenue and pre-tax profit of VNĐ24.8 trillion (US$1.06 billion) and VNĐ1.8 trillion, respectively, in the first nine months of the year.

These results are equivalent to 106 per cent and 124 per cent of the annual plan, respectively.

After-tax profit was estimated at VNĐ1.4 trillion.

According to the consolidated financial statement of PV Power, the company was converted into a joint stock company from July 1, so the first accounting period of PV Power is meant to last from July 1 to September 30.

In the third quarter of this year, PV Power’s revenue reached VNĐ6.9 trillion, while gross profit was VNĐ983 billion. PV Power posted a net profit of VNĐ147 billion, or 12 per cent of the first half’s result.

Explaining the difference in results in the third quarter compared to the first half, the company said the reason was the establishment and adjustment in the period of its financial year when converted into a joint stock company from July 1.

PV Power’s shares (with code POW) are being traded at around VNĐ13,600 per share on the Unlisted Public Company Market.

The company was established in 2007 and it was fully-owned by PetroVietnam. PV Power operates one coal-based thermal power plant, three gas-based thermal power plants, and three hydropower plants. The annual production is more than 4,200MW – equal to 10 per cent of the country’s total power output. — VNS

Coal

Coal exports increase sharply in October

2 November 2018

–

Vietnam

NDO – Vietnam’s export turnover in October was estimated at US$20.80 billion, down 1.5% from the previous month. Telephones and components saw the sharpest decrease with 21.4%, however, coal exports have rocketed by 45.3%.

The latest report on the national socio-economic situation published by the General Statistics Office of Vietnam (GSO) showed that, compared with the same period last year, export turnover in October has increased by 2.3%, of which the domestic economic sector increased by 9.3% and the foreign invested sector (including crude oil) decreased by 0.1%.

For the first 10 months of 2018, export turnover was estimated at US$200.27 billion, up 14.2% over the same period last year, of which the domestic economic sector gained US$56.82 billion, up 16.8%; the FDI sector (including crude oil) reached US$143.45 billion (accounting for 71.6% of total export turnover), increasing by 13.2%.

Export turnover of several key products continued to increase over the same period last year; telephone and components reached US$40.7 billion, up 10.6%; textiles and garments (US$25.2 billion) increased by 17.1%; electronics, computers and components reached US$24.3 billion, up 15.2%; machinery, equipment and accessories (US$13.5 billion) is up 28.3%; and footwear reached US$13 billion, up 9.7%.

In addition, agricultural and seafood products also witnessed positive results, with fishery product exports reaching US$7.2 billion, up 5.9%; vegetables and fruits (US$3.3 billion), up 14.4%; coffee (US$3 billion), up 1.1% in value and up 21.5% in volume; and rice reaching US$2.6 billion, up 16.1% in value and 3.4% in volume.

Crude oil exports for the whole 10-month period continued to decline sharply, in both volume and value, over the same period last year, with export turnover having reached US$1.8 billion, down 24.8%, while export volume has decreased by 45.4 %.

During Jan-Oct, the United States maintained the leading position as Vietnam’s largest export market with turnover having reached US$39 billion, up 12.8% over the same period last year. The second in the list is the EU, with export value from Vietnam reaching US$34.9 billion, up 9.9%; followed by China (US$32.1 billion, up 21.3%), ASEAN (US$20.6 billion, up 14.5%), Japan (US$15.3 billion, up 10.6%), and the Republic of Korea (US$15 billion, up 23.5%).

Meanwhile, Vietnam’s import turnovers for October were estimated at US$20.70 billion, up 6.1% over the previous month; crude oil imports rose especially sharply at 163.1%, mainly due to the production need from the Nghi Son Petrochemical Refinery Complex.

Compared with the same period last year, import turnover in October increased by 13.6%, of which the domestic economic sector is up 14.5% and the FDI sector has increased by 13%.

For the first 10 months this year, import turnover was estimated at US$193.84 billion, up 11.8% against the same period last year; the domestic economic figure was at US$77.5 billion, up 12%, and the FDI sector was at US$116.34 billion, increasing by 11.7%.

In October, Vietnam is expected to enjoy an estimated trade surplus of US$100 million. For the 10-month period, trade surplus was estimated at US$6.4 billion, of which the domestic economic sector suffered trade deficit of US$20.7 billion, while the FDI sector (including crude oil) enjoyed trade surplus of US$27.1 billion.

Renewables

Low-cost renewables revolution is coming to Southeast Asia

2 November 2018

–

ASEAN

New analysis from Carbon Tracker shows it could be cheaper to build new renewable energy sources than to operate existing coal-fired power plants in Southeast Asia within 10 years.

There are three inflection points that will make coal power economically obsolete: new renewables outcompete new coal; new renewables outcompete operating existing coal; and new firm renewables outcompete operating existing coal.

The first inflection point is already well under way in Europe, the US and India, where new investments in coal capacity have ground to a halt mostly because of fierce competition from wind, solar and, in the case of the US, natural gas.

The second and third inflection points also appear imminent in both Europe and the US. Because of higher carbon and coal prices, onshore wind auctions in Germany this summer were lower than operating coal plants. Moreover, earlier this year, median bids for wind plus storage in Colorado were US$21 per megawatt-hour – lower than the running cost of all coal plants currently in operation throughout that US state.

This dynamic will soon drive similar photovoltaic (PV) cost reductions in the thermal coal industry’s last major growth markets: Southeast Asia.

Until now, Southeast Asia has remained stubbornly resistant to these trends. Resistance is due to the nascent nature of renewable energy in the region, but this looks set to change as governments introduce effective policies and changes to market structures to drive down the cost of renewable energy and as foreign investors become more comfortable with deploying capital.

Standard Chartered, RBS (Royal Bank of Scotland), Marubeni and Nippon Life have announced their withdrawals from coal in the region, leaving institutions like HSBC and MUFG (Mitsubishi UFJ Financial Group) that still fund Southeast Asian coal exposed. Analysts at Citi note an 80% reduction in coal financing since 2010 and an increasing challenge attracting cash for new projects, which is likely to drive up coal prices, resulting in higher bills for consumers.

For instance, compared with operating existing coal plants, by 2027 it will be cheaper to build new solar PV in Indonesia and Vietnam, and new onshore wind in Vietnam by 2028.

Indonesia, Vietnam and the Philippines currently plan to spend a total of $120 billion on new coal investments. As electricity consumers and taxpayers continue to demand the lowest-cost options, Carbon Tracker analysis exposes not only the economic viability of new investments in coal power, but the long-term future of the existing fleet.

Given that power-sector investments have multi-decade time horizons, without decisive action from investors and policymakers, this paradigm shift in power generation economics could result in asset stranding. Carbon Tracker found that coal-power investors in Vietnam, Indonesia and the Philippines risk losing up to $60 billion in a scenario where the temperature goal in the Paris Agreement is met.

Global trends in renewable energy should serve as a warning to investors and policymakers in Southeast Asia. They need to act now to minimize stranded assets and avoid high-cost energy lock-in.

Energy Cooperation

Vietnam, Russia agree to foster ties in all fields

2 November 2018

–

Vietnam

The 21st meeting of the Vietnam-Russia Intergovernmental Committee for Economic-Commercial and Scientific-Technological Cooperation took place in Moscow on October 29. (Photo: NDO/Nam Dong)

NDO – Vietnamese Deputy Prime Minister Trinh Dinh Dung and his Russian counterpart Maxim Akimov co-chaired the 21st meeting of the Vietnam-Russia Intergovernmental Committee for Economic-Commercial and Scientific-Technological Cooperation, which took place in Moscow on October 29.

During the meeting, the two sides discussed and agreed on a wide range of measures to foster bilateral ties in all fields, particularly in the implementation of high-ranking agreements, which were reached during Vietnamese Party General Secretary Nguyen Phu Trong’s official visit to Russia in September this year.

Both sides appreciated the dynamic development of the economic, trade and investment ties between Vietnam and Russia over recent years, which can be seen through the effective implementation of the free trade agreement between Vietnam and the Eurasian Economic Union to which Russia is a member.

Accordingly, two-way trade reached US$3.4 billion in the first nine months of this year, up 36.8% year-on-year. Bilateral investment cooperation has also seen expansion.

The two Deputy PMs also discussed concrete measures to step up cooperation in the context of the fourth Industrial Revolution, particularly in fields such as trade and investment, information technology, transport, finance and banking, energy, and education-training.

Regarding trade, they agreed to consider the lift of non-tariff barriers in import-export activities, particularly in agriculture and fisheries, gearing towards bilateral trade of US$10 billion in 2020.

In the field of finance-banking, the two sides exchanged views on measures to enhance bilateral transactions in domestic currencies.

Concerning the field of energy, reaffirmations were made to continue creating more favourable conditions for oil and gas projects, while expanding the collaboration in other fields such as liquefied natural gas and electricity.

At the end of the session, the two Deputy PMs witnessed the signing of cooperation agreements between businesses and organisations from the two countries in the fields of banking, telecommunications and education and training.

At a press conference following the meeting, the two Deputy PMs announced that the meeting was a success, during which they discussed major cooperation areas in a frank, open, substantial and comprehensive manner.

The 22nd session of the committee is scheduled to be held in Vietnam in 2019.

Renewables

juwi active with three PV power plant projects in Vietnam totalling 130MW

2 November 2018

–

Vietnam

PV project developer and EPC firm, juwi Renewable Energy has started construction of its third PV power plant project in Vitenam, bringing its active pipeline to around 130MW.

juwi said that its latest 50MW project as EPC was located in Cat Hiep, Binh Dinh province of Vietnam for a consortium headed by Independent Power Producer (IPP) Quadran International of France and TTVN Group of Vietnam.

The company recently announced it had secured EPC projects for BIM Group of Vietnam and AC Energy of Philippines, to build a 50MW and a 30MW plant in Ninh Thuan province.

juwi group said it had over 1GW of solar projects delivered or under construction and planning phases in the APAC region.

Energy Cooperation ,
Renewables

Acciona to Invest in Renewable Energy & Infra Projects in Philippines

2 November 2018

–

Philippines

Acciona S.A., a Spanish infrastructure company, has reportedly announced the expansion of its operations in Philippines and plans to recruit more manpower as it looks for opportunities in the renewable energy sector in collaboration with a local company.

Reports cite, Acciona is weighing the potential of entering into a power purchase deal with private firms, especially large industrial consumers, instead of feed-in-tariff. According to a report by Manila Standard, the Spanish conglomerate was already developing two projects in Philippines – the Cebu-Cordova bridge in one of the nation’s three main island groups the Visayas and the Putatan water treatment facility that is located in Manilla.

Acciona’s head of business development for Iran and Southeast Asia Jorge F. Gayoso Mediero stated that the company is trying to comprehend the possibilities in the green energy segment of the nation. Mediero further added that the company is aware that currently feed-in-tariff does not exist in the Philippines. However, it is still trying to advance forward with different agreements.

Reportedly, the company requires partners because of government regulations that allow a foreign firm to only possess a 40% stake in local renewable energy projects. The company is currently is in talks with local partners so that it can put its expansion plan into execution, cite sources familiar to the matter.

Acciona is also planning to develop any available green technology projects. Although, currently the most competitive project are the ones that use solar and wind energy technologies. The Spanish company reportedly selected the nation of Philippines to expand its operations as the price of energy is high which gives it the opportunity to compete and offer significantly better renewable energy prices.

For the record, Acciona possesses 20 years’ worth of expertise in renewable energy. The company started in mid-90s through solar and wind energy projects in Spain and now has installed over 10,000 megawatts across the world, predominantly in solar, biomass, hydro and wind projects.

According to reports, Acciona declined to name the prospective partners due to a confidentiality agreement.

Energy Cooperation

Philippines hopeful for South China Sea energy deal

2 November 2018

–

Philippines

SINGAPORE and MANILA (Bloomberg) — Philippine Energy Secretary Alfonso Cusi is optimistic that a deal to jointly explore disputed areas of the South China Sea for oil and gas will finally move forward when President Xi Jinping visits next month.

Terms for an agreement between the Philippines and China may be finalized during Xi’s visit, Cusi said in an interview in Singapore. The government is also discussing lifting a ban on exploration in contested waters imposed by President Rodrigo Duterte’s predecessor, which thwarted a potential venture between PXP Energy Corp. and China National Offshore Oil Corp.

“We are discussing lifting the moratorium, and it is proposed that we do joint exploration with China,” Cusi said on Tuesday. “Those two are still being discussed and hopefully that will be resolved during the visit of President Xi Jinping. I would not wish to pre-empt things, but we are hopeful that we will come up with the terms of operations.”

Any deal on joint exploration would mark a major win for China, which has stepped up efforts over the past decade to block Southeast Asian nations from extracting energy resources in disputed seas. The Philippines had previously aligned with Vietnam in rejecting China’s claims to most of the South China Sea as a basis for joint exploration.

President Benigno Aquino, who left office in 2016, had halted exploration work at Reed Bank in the South China Sea after filing an arbitration case disputing Beijing’s claims to the resource-rich waters. An international court based in the Netherlands ruled in favor of Manila in July 2016, barely a month after Duterte took office.

Since his election win, the 73-year-old Philippine leader has pivoted to China. He set aside the ruling and backed the idea of joint exploration, proposing a 60-40 sharing on the proceeds. The U.S. Energy Information Administrated has estimated that 4 trillion cubic feet of gas reserves worth billions of dollars could be found in areas claimed by the Philippines.

Even as Duterte and Xi’s friendship has deepened, talks on a deal have dragged on for months. A meeting between top diplomats from the two countries on Monday failed to produce a breakthrough on the joint exploration plan.

PXP Energy Chairman Manuel Pangilinan struck a bearish tone on Monday, telling reporters he didn’t think the ban on disputed sea exploration would be lifted in time for Xi’s visit in the third week of November. Talks with CNOOC can’t be restarted until the Philippines and China clinch a bilateral agreement, he said.

“We have been talking with China to resolve that issue,” Cusi said. “That is a high priority area for us because we know that there are a lot of reserves that we can explore and exploit.”

Singapore to explore use of energy storage systems with possible cost savings for consumers

2 November 2018

–

Singapore

SINGAPORE: The Energy Market Authority (EMA) is set to experiment with the deployment of energy storage systems (ESS) in Singapore, in a move that could bring cost savings for consumers.

ESS are batteries or other forms of technology deployed on the power grid to store electricity when demand is low and discharge it when demand spikes.

This reduces the need to upgrade infrastructure like substations or transformers to cater to short-term peaks in electricity demand, which in turn could provide savings for consumers.

EMA will test the technology through SP PowerAssets’ use of ESS at a substation in Bedok to smoothen electricity supply during high demand in homes. This is the first time the company is using ESS to do this.

SP PowerAssets is a subsidiary of SP Group.

“This is an alternative approach to upgrading transformers at the substation,” EMA said. “If successful, ESS can allow the electricity grid to be more cost-effective, providing savings to consumers.”

But it is too early to tell if this technology will lead to lower electricity prices. EMA will test the concept before deciding whether to deploy it on a large scale. If deployed, EMA will then determine how much cost savings consumers can get.

Another benefit is the ESS’ ability to increase levels of solar energy in Singapore’s energy mix, allowing the country to meet its climate change commitments. When paired with solar panels, ESS can store solar energy and overcome its intermittent nature.

“We see energy storage solutions as a key technology that will enhance our energy resilience, enable higher levels of solar power adoption and provide significant benefits to Singapore and Singaporeans,” Minister for Trade and Industry Chan Chun Sing said in opening remarks at the Singapore International Energy Week on Tuesday (Oct 30).

While ESS is a relatively new technology, it has been deployed on a small scale in countries like Australia and the US, where it has shown that it can optimise and regulate the delivery of power.

“We encourage industry to invest in ESS solutions to optimise their energy use and provide new solutions and business models to our market,” EMA said in a release on Tuesday.

ESS ADOPTION AT NASCENT STAGE

To encourage adoption, the authority has released a policy paper on the use of ESS in Singapore and the regulations associated with it. The paper will be continuously updated as new ESS business models emerge, ensuring Singapore’s regulations remain up to date.

“Taking into account industry feedback, we have concluded that the existing regulatory and market framework already allows ESS to participate in our energy, regulation and reserves markets,” EMA said.

But the paper noted that ESS adoption in Singapore remains nascent, pointing out limitations like high costs and safety concerns.

“Locally, the EMA would first need to assess and determine if the use of ESS for grid applications would bring net benefits to consumers, and determine what would be the most cost-effective solution,” the paper said.

“We envisage that ESS will be increasingly adopted in Singapore for multiple applications as costs decline.”

In line with this, EMA has launched a programme to facilitate ESS deployment. Programme partners will work with EMA to pilot the deployment and design business models to operate ESS in Singapore.

One partner, Sembcorp, said it can use ESS with other forms of power generation like solar and conventional gas-fire to create more value for consumers.

“Potential applications could be to provide complete behind-the-meter clean energy solutions for individual electricity consumers,” it said in a release.

In its policy paper, EMA reiterated that ESS “could help Singapore to move towards a low-carbon and more flexible energy system”.

“The EMA will continue to monitor developments in other jurisdictions and see how lessons can be applied to Singapore,” it said.

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