News Clipping Archive - Page 1041 of 1320

Energy Cooperation

15 October 2019

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Myanmar

AC Energy Inc. has formalized its entry inti Myanmar’s renewable energy (RE) market by forging ties with a Singapore-based company.

In a disclosure on Monday, Ayala Corp. said Yoma Strategic Holdings Ltd. (Yoma Strategic) will form a strategic partnership with its power arm AC Energy.

“Yoma Strategic and AC Energy are looking to establish a 50:50 joint venture that will see AC Energy and Yoma Strategic working together to drive the growth of Yoma Micro Power (S) Pte. Ltd.,” according to the listed conglomerate.

Both entities plan to explore developing about 200 megawatts (MW) of additional RE projects within Myanmar, including participation in large utility scale renewable projects.

As part of the deal, AC Energy and Yoma Strategic signed a binding term sheet that include investing at least $30 million (P1.5 billion) into Yoma Micro Power.

Following the investment and restructuring, planned for 2020, the joint venture is expected to hold at least 50 percent of Yoma Micro Power.

At present, Yoma Strategic holds a 35-percent stake while Norfund and the International Finance Corp. hold 30 percent each in Yoma Micro Power.

Yoma Micro Power develops micro power plants and mini-grids that provide electricity to off-grid rural communities and telecommunications towers in Myanmar.

After the successful implementation of the 10-site pilot project in 2018, Yoma Micro Power is currently rolling out 250 micro power plants by the end of the year and is expected to scale up to more than 2,000 sites by 2023.

“Supply of electricity is one of the largest opportunities in Myanmar and also one of the biggest bottlenecks for economic development,” Yoma Strategic Chief Executive Officer Melvyn Pun said.

“AC Energy’s international expertise in the renewable energy sector and the access to funding will be invaluable as we work together to service this huge, underserved market in Myanmar,” he added.

“This is a very meaningful investment for AC Energy, as we intend to participate in Myanmar’s renewables sector in a significant way,” AC Energy Renewables Chief Operating Officer Patrice Clausse said.

“Our combined expertise, strong financing capabilities and AC Energy’s commitment to shore up presence in the fast-growing region will provide a critical platform for growth in the country,” he added.

The Myanmar government is envisioning its solar industry to contribute up to 5 percent of the nation’s electricity as the country shifts away from hydropower and natural gas sources.

In addition, the Myanmar government’s recent hike in electricity tariffs has also enhanced the attractiveness of solar energy solutions to the commercial and industrial segments.

“There is a need to significantly increase generation capacity and build out last mile distribution infrastructure, which Yoma Micro Power has embarked upon,” Pun stated, adding Myanmar has one of the lowest electrification rates in Asia.

Citing World Bank’s estimates, AC Energy said electricity consumption in Myanmar will grow at an average annual rate of 11 percent until 2030 to achieve complete electrification in all households with an expected investment of about $2 billion per year required.

The latest partnership is aligned with AC Energy’s aspiration of exceeding 5,000 MW of RE capacity and generate at least 50 percent of energy output from renewables by 2025.

AC Energy has over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

On the other hand, Yoma Strategic, listed on the Main Board of the Singapore Securities Exchange Trading Ltd., has a diversified portfolio of businesses in real estate, consumer, automotive and heavy equipment, financial services, and investments in Myanmar.

Ayala shares gained P7.50 or 0.86 percent to close at P877.50 apiece on Monday.

Coal

MGen launches Mauban plant with promise of cleaner coal tech

15 October 2019

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Philippines

COAL TECHNOLOGY is getting cleaner and remains the most cost-efficient choice under current government policy on power generation, which is “technology neutral,” the head of a major power generating firm said.

Rogelio L. Singson, president and CEO of Meralco PowerGen Corp. (MGen) said the company’s next project will be a more efficient ultra-supercritical facility with lower emissions than the 500-megawatt (MW) plant it launched in Mauban, Quezon on Tuesday.

“Right now because the policy of the government is technology neutral… what is the cheapest baseload? Ang pinakamura (The cheapest) is still going to be coal,” he told reporters during the launch.

“We’re hoping that we will be able to build the next level, which is the ultra-supercritical [coal-fired power plant],” he said.

“Iyan ‘yung (That’s the) 1,200 MW that we bid for. Unfortunately, there was a failed bidding.”

He said he expects a second round of bidding, with MGen’s parent firm Manila Electric Co. (Meralco) holding a competitive selection process, or CSP, to arrive at the least-cost power for the distribution utility’s customers.

“So we will participate,” he said. “But having said that, we’re now going through an energy transition where we are committing to 1,000 to 1,200 MW of renewable [energy],” he said. “The problem that we are encountering is that we are facing transmission constraints.”

On Tuesday, MGen formally inaugurated the P56.2-billion San Buenaventura Power Ltd. Co. (SBPL), the country’s first supercritical coal-fired power plant, which now provides additional supply to the Luzon grid.

“The country’s most advanced operational coal plant uses a high-efficiency, low emissions (HELE) coal technology that allows the plant to operate at increasingly higher temperatures and pressures to reach higher efficiencies, while significantly reducing emissions,” the company said in a statement handed out during the launch.

“Similar and more advanced coal plant technologies have been the choice for new commercial coal-fired plants in many countries around the world. As a pioneer of this technology, SBPL is setting the bar higher in operating coal plants in the Philippines,” it added.

SBPL started commercial operations on Sept. 26, and currently generates power for Luzon, which accounts for about 72% of the country’s domestic output, it said. The plant’s cost was partly funded by a P42.15-billion project finance facility, which is said to be the Philippines’ largest all-peso transaction to date.

A consortium of Philippine banks put together the facility.

The power plant was built by a consortium of South Korea’s Daelim Industrial Co. Ltd. and Japan’s Mitsubishi Corp., which MGen described as “experienced engineering, procurement and construction contractors with very strong track records.”

The SBPL plant is a partnership between MGen, with a 51% stake, and New Growth BV, a wholly-owned subsidiary of the Electricity Generating Company of Thailand (EGCO), the first independent power producer in Thailand. It has the state-owned Electricity Generating Authority of Thailand (EGAT) as a controlling shareholder.

“The more important thing is it’s a baseload [plant],” Mr. Singson said, referring to a facility that is always running to meet the base requirement of the power system. “We need baseload. Let’s not fool ourselves.”

During the launch, Energy Secretary Alfonso G. Cusi urged EGCO to invest more in power plant projects in the Philippines on its own since full foreign ownership is allowed.

“We want your investment,” he said.

Agnes VST Devanadera, chairman and chief executive officer of the Energy Regulatory Commission, said the plant has transformed the town of Mauban into a “very vibrant and very progressive community.”

“No plant like this can ever go up without the support of the community,” she said.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc., Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. —

Renewables

Danes map Vietnamese offshore potential

14 October 2019

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Vietnam

The Danish Energy Agency is working with the Vietnamese Electricity and Renewable Energy Authority to map the south-east Asian country’s potential for offshore wind.

Vietnam has a coastline of 3260km, with the sea east of Ho Chi Minh City considered one of the areas in south-east Asia with greatest potential for offshore wind, DEA said.

A delegation from Vietnam is currently visiting Denmark to learn about Danish competencies and solutions within offshore wind, energy planning and energy efficiency, it added.

The visit is a part of a broader cooperation between authorities in Denmark and Vietnam, which from the Danish side, is administered by the Centre for Global Cooperation in the Danish Energy Agency.

On 4 November, the Vietnam Energy Outlook Report 2019 will be published presenting scenarios on how the Vietnamese energy sector can develop in a more green and cost-effective direction, DEA said.

Energy Efficiency

Cost-Efficiency Key to Lift Energy Sector: Minister

14 October 2019

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Indonesia

Jakarta. Energy and Mineral Resources Minister Ignasius Jonan told local oil and gas companies on Monday that they need to increase efficiency to maintain competitiveness and adapt themselves to global changes in the industry.

“When I was first elected [as minister], frankly I was surprised [at seeing] how far behind the energy sector was [compared to other industries]. The president has made it clear we must increase our efficiency, so everyone now must think of how they can produce better products at more competitive prices,” Jonan said at the “Building the Investment Climate for the Energy Sector” discussion in Jakarta on Monday.

The minister pointed out that the oil business has experienced significant global changes and that the local industry has to be able to adapt to them.

He said players in the sector must think about cost-efficiency first and foremost.

“We can’t control oil and gas prices, but we can control cost-efficiency. This sector cannot stand on its own, customers determine the market, not the other way around,” Jonan said.

According to Jonan, the oil and gas market is gradually shifting to the petrochemical sector, while the biggest consumer of oil remains the transportation sector.

Even so, the use of renewable energy in the sector continues to grow, driven by higher production and sales of electric cars, Jonan said.

He suggested the local oil and gas industry should also shift its focus to the petrochemical sector.

“Even those who have already built [oil and gas] refineries; they should still consider moving to the petrochemical industry,” he said.

“Now with the [increased pace of] development in renewable energy, the future is petrochemical. The potential is huge,” Jonan said.

He said the keys to success in the energy sector are efficiency, activity and increased downstreaming.

“I am suggesting we go along with the changes. Japan and China are importing energy products but they can produce them without incurring a deficit. The key is to use energy as efficient as possible, and make the customers buy it,” Jonan said.

The minister said the government is sticking to its target of drawing 23 percent of its national energy consumption from renewable sources by 2025.

This is partly why the government has been campaigning heavily for B30, diesel fuel mixed with 30 percent biodiesel, after the successful introduction of B20 (a 20-80 biofuel-diesel mix) earlier this year.

“It’s not an easy target,” Jonan said.

The minister said Indonesia has an abundance of renewable energy sources but has not made enough effort to develop them.

“Geothermal [energy], for example, requires huge capital and investors still think it’s risky. Drilling costs at least $30 million and sometimes you get nothing or just a small amount. That’s why we still have no geothermal companies,” Jonan said.

“The government will spend Rp 33 trillion on exploration because there are still many resources we haven’t exploited yet,” Jonan said.

Currently, Indonesia has at least 61 billion barrels of untapped oil reserves, the minister said.

Others

Thailand’s Finance Ministry Drives Local Economy with Digital Platform

14 October 2019

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Thailand

Thailand’s Ministry of Finance has revealed it is launching projects that will utilize blockchain technology to enhance government administrative efficiency and assist in revenue collection, asset management and procurement.

The use of blockchain technology is expected to eliminate complicated procedures and enhance transparency for government agencies.

Memorandum to Implement Blockchain Technology

The Ministry of Finance disclosed that on September 27, it had gathered agencies under its administration together with Krung Thai Bank to sign a memorandum of understanding (MoU) on adopting blockchain to improve system infrastructure.

The signing ceremony was held under the theme “MOF Digital Platform is Now” and was aimed at promoting digital technologies to drive the grassroots economy.

Initiating Blockchain Projects in Thailand

Finance Minister Uttama Savanayana said the ministry is driving several initiatives using innovation and new technology, such as the National e-Payment system which will develop the country towards its Thailand 4.0 goal, starting with the PromptPay and welfare card programs.

He also disclosed that some of the government’s 8 initiatives to drive digital transformation include the Government Procurement program or e-GP; the VAT Refunds for Tourists program that will use blockchain and mobile apps to verify tourist identities for international payment and settlement systems; the Electronic Scripless Bond program that will allow the general public greater access to bonds; the Land Assessment program; the Government Healthcare program; and social welfare programs that will implement blockchain to unify data from different agencies to be available from a single platform.

Source: https://www.moneyandbanking.co.th

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Others

Thai Energy Sector Embraces Blockchain Technology

14 October 2019

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Thailand

PTT has teamed up with EWF, a blockchain technology expert in the energy sector, to develop a sustainable energy blockchain system as part of efforts to diversify the country’s energy sources. The system will create renewable energy certificates (REC) kept on the system for verification of clean energy providers.

Energy Sources Must Be Verified

Energy diversification in crucial in the country where as many as 45% of all energy consumers use power generated from natural gas. The blockchain system, jointly developed by PTT and EWF, will securely store the certificates to verify energy sources such as solar and wind. These sources must also comply with global standards for environmental safety.

After energy with an REC enters the grid, it will be sold in the open market, making the Thai energy sector more sustainable and ensuring sufficient green energy supply for the country.

Certificates on Blockchain Platform

Before having their digital identifiers recorded on the blockchain system, all renewable energy providers are required to link with the EWF Web Chain so the company can analyze their capabilities before issuing them a REC.

Containing attributes such as megawatt of energy, REC certificates will be available on EWF’s blockchain-based market for sale.

Green Energy Country

PTT hopes its collaboration with EWF will address national energy problems as the blockchain marketplace platform will help promote clean and renewable energy. Furthermore, the platform will help create a more diversified energy source portfolio for Thailand and serve as an example to other economies.

Thailand is planning to develop a sustainable green energy grid in a bid to become a regional leader in clean power.

Source: businessblockchainhq.com

About Asia Blockchain Review

Others

80% of building spaces to be eco-friendly by 2030: CBRE

14 October 2019

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Singapore

More large firms like CapitaLand and Lendlease are offering green leases to tenants.

Majority of the gross floor area (GFA) stock in Singapore will be ‘green’ by 2030—that is, they will adapt energy and water efficiency methods integrated with green spaces and will be constructed using eco-friendly materials, real estate company CBRE reported.

As of April, 40% of the island’s GFA stock is certified green, according to data from the Building and Construction Authority (BCA). This number is expected to rise to 80% in the next eleven years.

The National Research Foundation also recently added another $20m to the initial $52m injected into the BCA’s Green Buildings Innovation Cluster (GBIC) programme in September.

CBRE observed that more large companies are opting to locate their operations in office and retail spaces within green buildings. Reports also said that more large corporations are pledging to achieve green building certifications for their owned and leased premises, including some financial institutions and consumer goods firms, the firm added.

Developers are also joining in the sustainability push by rolling out green leases where both landlords and tenants adopt eco-friendly practices. Under this type of lease, landlords share energy consumption data with tenants, with the aim of achieving a lower energy consumption rate collectively. Currently, CapitaLand and Lendlease offer these terms to some of their tenants in Bedok Mall, Bugis+, JCube, Junction 8, Westgate, 313@Somerset, Parkway Parade, and Jem.

“Whilst green leases are not prevalent in 2019, we expect such leases to be more common by 2030. BCA has been encouraging building owners to develop green leases as these leases contribute points to the scoring system in obtaining green mark certification. This could point to an emerging trend where tenants are more willing to participate in the green building movement,” noted CBRE.

Lower energy consumption also translates to overall cost savings, making the green movement ideal for both landlords and tenants alike. Aligned with the state’s push for buildings to achieve a minimum of 60% energy efficiency improvement over the 2005 building codes, this will result in the prevalence of super low energy (SLE) buildings by 2030, the report said.

Additionally, the average energy use intensity (EUI) is expected to remain below 100 kWh per sqm a year. “The continuous efforts in improving energy usage in Singapore is reflected by the declining EUI in Singapore office buildings, which has improved since 2012. The reduced EUI is an encouraging indicator; as despite the increase in office supply over the years, average EUI has declined. On a yearly basis, the average EUI declined by 4.3% to 221 kWh per sqm per year,” CBRE reported.

Energy Economy

Malaysian banks are ideal candidates to issue green bonds, sukuk – RAM

14 October 2019

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Malaysia

KUALA LUMPUR, Oct 14 — Malaysian banks are expected to issue green bonds and sukuk to spur the growth of the renewable energy sector, said RAM Sustainability chief executive officer Promod Dass said.

A statement from RAM Sustainability today quoted him as saying at a recent conference that the sound credit profiles of Malaysian banks and their ability to utilise issuance proceeds to fund green projects made them ideal candidates as issuers of green bonds and sukuk.

“Issuing green bonds and sukuk is a tangible means for banks to signal to their stakeholders and the capital markets their response to climate change and their commitment to responsible finance,” he said during a panel session at the 10th International Greentech and Eco Products Exhibition and Conference Malaysia last Friday.

In line with the thrust towards achieving Malaysia’s targeted renewable energy mix of 20 per cent by 2025, the government announced during the 2020 Budget tabling last week that the Green Investment Tax Allowance and Green Income Tax Exemption incentives would be extended to 2023.

“The issuance proceeds from bank green bonds can be utilised to fund creditworthy and eligible green projects which, on their own, may be too small to tap the capital markets directly. This will further catalyse the development of Malaysia’s renewable energy sector,” Dass said.

He added that bank green bonds and sukuk could also be in a sweet spot for institutional investors that adhered to responsible investing principles and were beginning to seek out green assets for their portfolios.

“Based on Climate Bonds Initiative’s Green Bonds Market Summary (April 2019), the issuance of green bonds by financial institutions and development banks accounted for 20 per cent of developed markets’ overall green bond issuance during the first quarter of 2019,” he said.

RAM Sustainability, a wholly-owned subsidiary of RAM Holdings Bhd, is the first ASEAN-based provider of sustainability ratings and second opinions.

News Clipping

Memorandum to Implement Blockchain Technology

Initiating Blockchain Projects in Thailand

Energy Sources Must Be Verified

Certificates on Blockchain Platform

Green Energy Country

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