News Clipping Archive - Page 1056 of 1320

Energy Economy

CIMB allocates RM100 million for renewable energy financing for SMEs

1 October 2019

–

Malaysia

KUALA LUMPUR: CIMB Bank Bhd today launched its renewable energy financing for micro, small and medium enterprises (SMEs) in Malaysia, part of its RM15-billion SME allocation for 2019-2020 and CIMB Group’s sustainability commitment.

The programme was launched at CIMB’s The Cooler Earth Sustainability Summit, witnessed by Energy, Science, Technology, Environment and Climate Change Minister Yeo Bee Yin here.

CIMB Bank has allocated RM100 million to the CIMB SME Renewable Energy Financing programme.

One of the first initiatives under this programme is to provide smaller SMEs with full financing to cover the cost of solar photovoltaic (PV) systems and installation on their rooftops.

The financing initiative offers packages from as low as RM20,000 and up to RM1 million, in support of the government’s Net Energy Metering (NEM) scheme, whereby excess energy can be exported to the national grid.

CIMB Bank said SMEs need to first obtain the NEM approval from Sustainable Energy Development Authority (SEDA), to be eligible for CIMB’s Renewable Energy Financing.

The financing initiative provides a practical solution to enable even the smaller and micro SMEs to purchase solar PV systems to save on their electricity bills, and contribute to planet earth’s well-being.

“With the CIMB Renewable Energy Financing, we are pleased to be able to incorporate environmentally friendly policies into our commitment to the SME sector.

“Our planet is at a tipping point, from an environmental, economic and social (EES) perspective, and we must take action now.

“To that end, members of the banking and finance industry can and must leverage on our resources and network to catalyse real lasting change across these fronts, and to begin pursuing profits with a purpose,” said CIMB Group chief executive officer Tengku Datuk Seri Zafrul Aziz.

Apart from the SME Renewable Energy Financing, CIMB Group has also taken other steps to fulfill its commitment to Sustainability, a key pillar in its current growth strategy.

These include launching its Group Sustainability Policy and Sustainable Financing Policy to guide decisions on operations and lending policies to ensure positive EES impact.

Besides that, CIMB is one of 30 founding member banks and the only Asean banking group that helped draft the UNEP-FI’s Principles of Responsible Banking, currently supported by 130 signatory banks globally.

On September 30, 2019, CIMB also announced that it had successfully priced its US$680 million SDG bond, the proceeds of which will be channeled to various impactful sectors that serve seven of UN’s Sustainable Development Goals (SDG’s) that CIMB Group has committed to.

The two-day Cooler Earth Sustainability Summit, held on October 1 to October 2, 2019, is CIMB’s first-ever regional platform to raise awareness on social and environmental risks and opportunities within the context of business and finance in shaping a sustainable economy.

It was organised in collaboration with knowledge partners, WWF and sustainability consultancy, Impacto and saw a gathering of more than 1,000 business leaders, financiers, investors, policy-makers and regulators who engaged openly in a transparent and constructive forum aimed at catalysing action from all stakeholders to begin or enhance their sustainability journey by embedding EES considerations in their strategies.

By the end of day one, delegates had gained compelling insights and ideas on the role of business in catalysing sustainable development.

There was also consensus on ‘the urgent need to mobilise action’ to respond to climate emergency and manage businesses’ social and environmental impact better.

Energy Cooperation

Singapore’s largest green energy retailer pledges itself to Sun Cable Project

1 October 2019

–

Singapore

Singapore based independent electricity retailer iSwitch, one of the city-state’s top 3 retailers and its largest green retailer, has pledged its support to be a foundation off-taker for the solar energy produced by the proposed Sun Cable project. The megaproject is set to source 10GW of solar energy from a sunburnt spot near Tennant Creek, Northern Territory (NT) and deliver it to Singapore via 3,750km undersea High Voltage Direct Current (HVDC) cable.

The pledge follows last week’s announcement by Aussie tech billionaire and co-founder of Atlassian Mike Cannon-Brookes that he intended to help fund the megaproject. “I’m backing it,” said Cannon-Brookes at the United Nations Climate Action Summit in New York. Clearly, the outspoken billionaire’s support of the project has inspired attention and invigorated support for the $25 billion project.

With nearly 100,000 electricity customers in Singapore, iSwitch is near the canopy of Singapore’s electricity tree. Importantly, iSwitch has no direct generator ownership, meaning it is in pole position to be a foundation customer of the Sun Cable project.

Over 15% of iSwitch’s customers have already committed to 100% carbon neutrality. iSwitch is one of the only retailers in Singapore who can offer 100% green electricity to both commercial and residential customers.

The company’s pledge is in line with its desire to maintain its position as the largest green retailer in the small island nation, a desire already bolstered earlier this year by the absorption of fellow green retailer ES Power’s customer base into iSwitch, further strengthening the company’s foundation for renewable growth.

“iSwitch fully supports this ambitious project and looks forward to celebrating a power purchase agreement, allowing the project to become commercial and bankable,” said iSwitch Chief Commercial Officer, Andrew Koscharsky, “We provide long term commitment on behalf of our significant customer base in Singapore. This project will bring countries together, stabilise electrical costs, and provide a stronger sustainability platform for Singapore.”

Due to its massive size, the Sun Cable Project has given itself a financial close date in 2023, a prospect looking more achievable by the day as investors rush to jump on board. Cannon-Brookes has not yet specified how much his family fund, Grok, plans to invest in the Sun Cable project. Still, the coup of gaining significant pledges on each end of the project in a single week is sure to accelerate the train of willing renewable investors.

Energy-Climate & Environment

Vietnam is in Extreme Danger Due to Climate Change

1 October 2019

–

Vietnam

Vietnam’s Mekong Delta is an area that is extremely vulnerable to climate change. Residents are being forced to move after their houses are flooded and collapse into the Delta. Vietnam is just one example of forced human displacement due to climate change.

Scientists estimate that sea levels could rise 5 or 6 feet by 2100. The recent IPCC climate report on oceans and the cryosphere made similar estimates and listed people already displaced and affected by the changing climate. These sea level rises will affect anyone in coastal regions or waterways like the Mekong Delta.

Vietnam is extremely vulnerable to climate change, for economic and geographic reasons. The Mekong Delta is the center of agriculture for the country and the region. It’s also home to 20% of the population of Vietnam or about 18 million people. It’s vulnerable to the changing climate because of its low-lying geography, river structure and coastal exposure. Government officials were finding up to 100 meters lost to erosion in some areas.

Mekong Delta residents call it “scary” to live on the riverbank. Area residents are leaving to find other ways to make a living and escape the changing delta. A study estimated up to 15% of those that fled did so due to climate change. Not only are people fleeing due to erosion and rising seas, but the salinity of water has made existing agriculture difficult.

“Drastic” weather changes affect daily life and work. Some that were working in agricultural regions found it too difficult to do so due to the changed conditions. They moved to cities and found alternate work.

Changes in the Mekong Delta echo those described in the IPCC report, including the vulnerability of the affected residents. The majority of those affected by climate change are low income, living on agriculture lands that provide their incomes. As those areas change due to climate change, their income decreases and it becomes difficult to find alternative work. The government is trying to help by providing relocation assistance to affected families.

Other countries around the globe are feeling the effects of climate change. Last week, a town in Italy was evacuated due to an impending glacier moving. In response to the UN Climate Summit and Climate Strikes, countries are beginning to make changes. But climate change is here and affecting people.

Others

Vietnam approves 2.2GW gas power plant development

1 October 2019

–

Vietnam

The Government of Vietnam has granted approval to global power company AES for the development of a new 2.2GW combined cycle gas turbine (CCGT) power plant.

The new Son My 2 plant will be developed in the south-central province of Binh Thuan, Vietnam.

AES president and CEO Andrés Gluski said: “AES is committed to the country’s economic growth and energy transition through the development of gas and renewable infrastructure.

“We appreciate that the Government of Vietnam has selected us to advance this critical project for the country.”

Financial close for the plant is expected to be achieved in 2021. The facility is slated to commence commercial operations in 2024.

Once operational, electricity generated by the power plant will be purchased by the Government of Vietnam under a 20-year contract.

The new CCGT plant is expected to complement the company’s investment plans in the gas infrastructure in Vietnam, including its previously announced 450TBtu Son My LNG terminal that was approved by the government in August.

Both the plant and gas terminal infrastructure are expected to play a crucial role in shaping Vietnam’s energy future by expanding the energy mix with imported LNG while meeting the increasing demand of the country’s sustainable and affordable electricity.

Approval for the CCGT plant and the LNG terminal will enable AES to move forward for obtaining necessary permits and associated project agreements.

In June, AES’ subsidiary AES Alamitos started construction on a 400 megawatt-hour (MWh) battery-based energy storage system in Long Beach for Alamitos Energy Center (AEC).

The facility will ensure power flexibility for Southern California Edison (SCE) customers.

Eco Friendly Vehicle

Regulating the Emergence of Battery Electric Vehicles in Indonesia

30 September 2019

–

Indonesia

On 8 August 2019, the same day that Jakarta, Indonesia’s capital city, was reported by Jakarta Post, a local newspaper, as the city with the worst air pollution in the world, President Joko Widodo (commonly known as President Jokowi) promulgated the unprecedented Presidential Regulation No. 55 of 2019 concerning the Acceleration of Battery Electric Vehicle (“BEV”) Programs for Road Transportation (“Presidential Regulation No. 55/2019” or “Regulation”). The Regulation was enacted and became effective 4 (four) days later on 12 August 2019.

Eco Friendly Vehicle

DEN urges offices to furnish electric vehicle charging stations

30 September 2019

–

Indonesia

Jakarta (ANTARA) – The National Energy Council (DEN) has called on offices to set up charging stations for electric vehicles.

Electric vehicles can lower air pollution, fossil fuel consumption, and oil imports, Djoko Siswanto, DEN Secretary General noted in a statement here on Sunday.

“The rationale behind using electric vehicles is to realize a cleaner environment, curb air pollution, curtail fossil oil consumption, and lessen imports. DEN urges all electric car producers to begin production of the vehicles now,” he remarked.

To support the initiative to use electric vehicles, every office should provide electric sockets or public electric vehicle charging stations (SPKLUs) at parking lots for charging batteries.

“Every office is advised to build electric sockets at motorcycle parking lots. For motorbikes, charging a vehicle battery at home or office is sufficient. Each takes around four hours to charge and can suffice for five day trips from home to office and vice versa,” he explained.

The government issued Presidential Regulation No. 55 of 2019 on the Acceleration of Battery Electric Vehicle Program for Road Transportation that had come into effect since August 12, 2019.

Development of the domestic electric vehicle industry will be expedited in accordance with the regulation. Furthermore, it encourages incentives, charging station infrastructure development, and special electricity tariffs for battery charging, as well as environmental preservation.

The regulation also pushes for energy efficiency, security, and conservation in the transportation sector, clean energy usage, air quality improvement, and the realization of Indonesia’s commitment to lowering greenhouse gas emissions.

In the meantime, the Agency for Technology Assessment and Application (BPPT) had earlier echoed that electric vehicles would pick up steam in Indonesia, with more charging stations being set up nationwide.

The agency had held the Indonesia Electric Motor Show (IEMS) 2019 on Sept 4-7 in Jakarta to promote the use of electric vehicles in the country.

“The IEMS 2019 is initiated by BPPT to offer a broader understanding to the public in Indonesia on electric vehicles as a new form of disruptive technology,” BPPT Head Hammam Riza remarked at the opening of the exhibition in Jakarta.

Others

More power firms studying energy storage systems

30 September 2019

–

Philippines

MANILA, Philippines — More power industry players are embarking on energy storage systems (ESS) developments to manage variable renewable energy supply and to provide ancillary service (AS) to maintain a stable power grid.

Manila Electric Co. (Meralco), the country’s largest power distribution utility (DU), has built its first battery energy storage system (BESS) in partnership with Japan’s Hitachi Ltd. as part of its smart grid journey.

Meralco and Hitachi inaugurated the pilot BESS in San Rafael, Bulacan, which can deliver two megawatts (MW) in capacity.

“We’re grateful to Hitachi for providing us two MW of battery storage energy system,” Meralco president and CEO Ray Espinosa said. “These are modular, movable. They’re in 40-foot containers.”

The project would help the company understand and integrate the technology within its distribution system.

“From a DU perspective, we want to understand how battery energy storage really works and how it will help the network,” Espinosa said.

In 2015, Meralco chairman Manuel V. Pangilinan acknowledged the dawn of battery storage will disrupt the company’s distribution business, thus the need to eventually enter the energy storage space especially when prices of the technology go down.

With the new ESS project, Meralco will also be able to address the variability of renewable energy supply within its system.

“That would acquaint our network engineers on how we can use this energy storage system as a way of stabilizing renewables,” Espinosa said.

“As you know, renewables are not that stable in a sense that they can fluctuate within the day, especially solar, so the storage system is very important to provide that stability,” he said.

This is the same reason why the power unit of the Ayala Group is also actively exploring the development of ESS.

“If we are to scale up renewables in the country, renewables cannot be scaled up without complementary technology be it battery or storage as well as gas which is more complementary than coal because of its flexibility,” AC Energy Inc. president and CEO Eric Francia said.

The Ayala firm is studying a broad array of energy storage technology. There are various kinds of ESS, such as battery, compressed air energy storage, flywheel energy storage and pumped-storage hydropower.

“We are actively exploring storage. We’re going to do a pilot project. We haven’t done the construction yet, but that’s something we’re looking into,” Francia said.

Meanwhile, the Aboitiz Group is also planning several ESS projects to serve the ancillary needs of the power grid.

“We have a number of projects that we are looking, battery energy storage technology primarily for ancillary services (AS),” Aboitiz Power Corp. COO Emmanuel Rubio said.

AS is necessary to support the transmission of capacity and energy from resources to loads while maintaining reliable operation of the transmission system in accordance with good utility practice and the grid code.

The AboitizPower official said the company has (a list of ESS projects) in the pipeline and is working closely with the National Grid Corp. of the Philippines (NGCP) for these projects.

“We’ve submitted (a list of projects) for SIS (system impact study) applications to NGCP,” Rubio said.

Last year, SN Aboitiz Power Group (SNAP) – the joint venture of SN Power of Norway and AboitizPower – announced plans to construct a $28-million BESS facility in its Magat Hydro Electric Power Plant (HEPP).

The said facility will be used to boost the company’s ancillary services (AS) and standby power supply that can be tapped in case the regular supply falls short of the requirement.

The Energy Regulatory Commission had classified BESS as a new source of frequency control ancillary services.

Meanwhile, the Department of Energy (DOE) recently issued a framework to promote and regulate the development of ESS in the country.

The agency said the applications and the benefits of ESS as an emerging technology is recognized in the improvement of the electric power system to ensure the quality, reliability, security and affordability of the supply of electric power.

The framework also aims to address concerns from existing and prospective ESS proponents over the lack of governing policy framework for the regulation and operation of the technology.

Read more at https://www.philstar.com/business/2019/09/30/1955979/more-power-firms-studying-energy-storage-systems#L7gomPW7vVf6wy9G.99

Others

Power Ledger brings blockchain energy model to region

30 September 2019

–

Thailand

Australian energy tech startup Power Ledger is keen to expand business in Southeast Asia, as the region is expected to become the fourth-largest energy consumer in the world by 2030.

In early September, Thailand hosted the 37th Asean Ministers on Energy Meeting and Associated Meetings, with Power Ledger participating in the renewable energy conference.

Maria Atkinson, an adviser to Power Ledger, outlined the company’s business presence worldwide, with projects in Thailand, Japan, Europe, Australia and the US.

“We have partnered with well-known energy companies to improve the efficiency and transparency of energy markets globally,” she said. “By 2030, renewable energy resources will be more important than ever.”

Ms Atkinson said Southeast Asia’s demand for energy is set to grow by two-thirds over 20 years. A combination of dwindling domestic resources and environmental concerns is driving many governments and markets to explore alternative energy options.

She cited an International Energy Agency estimate that a US$2.7-trillion investment is needed to meet the region’s growing needs for energy supply, transmission and efficiency.

Renewable energy can provide a more cost-efficient and greener solution, Ms Atkinson said.

Power Ledger runs blockchain-backed peer-to-peer energy trading that can support uptake of renewable energy in the future. It has partnerships with BCPG, a Thai renewable energy company, and Thai Digital Energy Development (TDED), a joint venture of BCPG and PEA Encom International.

“The presence of Power Ledger in Thailand has already created opportunities for other modern businesses and industries that aim to pursue clean energy production and distribution as part of their dedication to sustainability,” Ms Atkinson said. “Power Ledger provides a low-carbon model for countries in the region that are considering renewable energy.”

The company plans to explore partnership opportunities with other companies in the region, she said.

Project highlights

In Thailand, Power Ledger has teamed up with BCPG for modern decentralised energy trading in Thailand. Both companies provide renewable power through blockchain technology.

“BCPG initially reached out to Power Ledger as part of their search for innovative energy solutions, particularly blockchain-enabled methods of energy trading,” Ms Atkinson said. “From there, a new peer-to-peer energy trading platform was launched at T77 precinct, which comprises a shopping centre, international school, serviced apartments and a dental hospital.”

Located on Sukhumvit Soi 77, the T77 project was developed by Sansiri.

“As part of a trial, Power Ledger’s technology will track, trade and settle the electricity generated from solar panels to facilitate peer-to-peer energy trade at T77,” Ms Atkinson said.

Renewable microgrid developments allow for the efficient installation and operation of power generation close to consumers, she said.

The power trading platform applies a simple and low-cost procedure, joining two characters with on-site generating capacity.

“The power can be low-cost, low-carbon and resilient to the impacts of severe weather conditions,” Ms Atkinson said. “The government is backing BCPG’s efforts as a clean energy provider. The Thai regulatory climate has continued to improve since the start of Power Ledger’s trial.”

Moreover, Power Ledger is working with TDED, which was established to promote the adoption of energy technology.

Ms Atkinson said Power Ledger has spoken with BCPG and Thai ministers about energy sandbox trials to test innovative digital technologies and the company’s experience in the digital energy space.

In July, TDED announced a partnership with BCPG on the T77 project with Power Ledger.

Japanese utility Kansai Electric Power has also used Power Ledger’s blockchain platform to facilitate and monitor renewable energy trading in Osaka, Japan.

Digital disruption

The future of the energy sector needs to strongly integrate renewable resources to ensure ongoing supply and affordability, Ms Atkinson said.

“Digital technology will reimagine the entire energy system — how power is distributed, managed, traded, used and governed,” she said.

Electricity has been traded from the grid to users for decades, but “we believe the digital decentralised ledger will unlock many opportunities for the sector, particularly renewable energy”, Ms Atkinson said.

Global energy markets have traditionally had one organisation selling the power and reaping all benefits. Advancements in renewable energy technologies have already started to shake up traditional energy models, such as solar panels generating electricity on private properties.

“The digital solutions like blockchain can support property owners in selling surplus electricity generated by solar panels to others,” Ms Atkinson said.

The future of the energy industry will be liberalised, similar to the trend in other industries. “We no longer need a massive electricity company to sell energy,” she said.

News Clipping

User Dashboard

Back To ACE

User Dashboard