News Clipping Archive - Page 1204 of 1226

Energy Efficiency

ASEAN inks deal with IRENA for rapid renewable energy development

2 November 2018

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Singapore

IRENA will support renewables projects with its project facilitation platforms.

The Association of Southeast Asian Nations (ASEAN) and the International Renewable Energy Agency (IRENA) inked a memorandum of understanding (MOU) formalising a partnership aimed at scaling up renewable energy deployment in the region.

According to an announcement, IRENA will support the ASEAN’s pursuit of 23% primary energy share of renewables by 2025. IRENA said achieving the target will require an estimated annual investment of $27b for the next eight years – a tenfold increase on 2016 investment volumes.

The MOU covers energy planning, assessments and updates to the ASEAN Renewable Energy Outlook, and promoting knowledge sharing amongst regional policymakers for scaled-up renewables deployment.

IRENA will also support the advancement of various renewable energy resources across ASEAN member states through detailed assessments, enable project development through its project facilitation platforms, and training and workshops for stakeholders.

IRENA director-general Adnan Z. Amin commented, “This partnership brings political will and technical knowledge together to unlock the vast potential that exists in Southeast Asia to harness renewable energy and deliver widespread benefits to communities in all ten member states.”

According to the group, employment in Southeast Asia’s renewable energy sector currently stands at around 600,000. “A scale-up of renewables in the region has the potential to create well over two million jobs by 2030,” it said.

A report by IRENA also said that around half of the region’s renewable energy potential lies in power generation, especially in solar PV that could grow 2-60GW. Vast biomass endowment can also accelerate progress in end-use sectors, such as transport, buildings and industry and bring savings of up to $40b by 2025 from reduced fossil fuels expenditure.

The MOU was signed on the 36th ASEAN Ministers on Energy (AMEM) and the Singapore International Energy Week (SIEW), in the presence of regional ministers.

Energy Economy ,
Renewables

SP Group unveils green energy trading marketplace

2 November 2018

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Singapore

City Developments Limited and DBS were amongst the first of its renewable energy certificates (RECs) buyers.

Singapore’s SP Group launched a digital marketplace powered by blockchain technology to allow companies to trade RECs which is a document used to offset the use of non-renewable energy, an announcement revealed.

“Through blockchain technology, we enable companies to trade in renewable energy certificates conveniently, seamlessly and securely, helping them achieve greener business operations and meet their sustainability targets,” SP’s chief digital officer Samuel Tan said.

When companies purchase RECs, they are consuming electricity from renewable sources which are sold to them by other companies producing green energy, SP noted.

“Through SP’s REC marketplace, buyers are automatically paired with sellers around the globe according to their preferences, which will help organisations of all sizes to achieve their green targets and strengthen cross border sustainability efforts,” SP said.

The announcement also revealed that Singapore-listed City Developments Limited (CDL) and DBS Bank were amongst the first buyers of certificates, whilst solar developers such as Cleantech Solar Asia and LYS Energy Solutions have signed a collaboration with SP to place their solar assets on the marketplace for sale of RECs.

“By having our 120 solar sites in Asia on board this platform, we can now allow consumers, who are unable to generate their own renewable energy, another reliable solution to achieve their clean energy goals,” Cleantech Solar Asia’s executive chairman Raju Shukla said.

The initiative was announced during the ASEAN Energy Business Forum (AEBF) at Marina Bay Sands.

Energy Efficiency

Ling Hang plans recycling plant to convert solid waste into green energy in Cambodia

2 November 2018

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Cambodia

A highly diversified Ling Hang Investment Development Co Ltd plans to venture into waste management and currently holding high-level talks with officials to build a recycling plant in Phnom Penh.

Speaking to The Post on Monday, its Chief Executive Officer George Chao said large amount of garbage is churned out in cities like Phnom Penh and Sihanoukville – where population growth is immense.

“We are focusing on clean energy project and concentrating in Phnom Penh to build the first plant to recycle disposed waste to produce energy, and we will be creating a clean environment.”

“About 5,000 tonnes of garbage per day is enough to convert into electricity. The project is still at discussion stage and the government has offered the land.”

“Discussions with government officials and garbage collectors are still in progress. We expect to start operations by mid-2019,” Chao said.

Waste generated by businesses and households continue to grow in fast-expanding townships.

According to the Ministry of Environment and Tourism, about 10,000 tonnes of solid waste were produced daily or in total about 3.65 million tonnes last year.

Phnom Penh alone produced nearly 3,000 tonnes of garbage per day, while Sihanoukville recorded 600 tonnes and Siem Reap with about 400 tonnes daily.

Chao said the SUS Environment, a leading solid waste incinerator supplier and developer of integrated municipal solid waste management based in China has expressed interested to work with Ling Hang on the project.

But discussions are still at a preliminary stage, he added.

The group based in Preah Sihanouk Province is also collaborating with JC International Airlines and launched six direct flights to connect China and Cambodia two months ago.

“We have started six directly flights from China by joining with JC Airlines, as we should say we hired planes from JC and we will open another few routes from other major cities in next two years.”

“We still use JC Airlines B330 for the time being and there are more than 30 direct flights per week between Sihanoukville and six major cities of China,” he added.

Currently, the six cities are Shenzhen, Hanjin, Xi’an, Chengdu, Tiantian (in November) and Hefei.

“There are lot of Chinese (nationals) coming to Phnom Penh and Sihanoukville and the flights are 90 percent full,” he added.

The company is also in the process of constructing a training academy in Sihanoukville to train Cambodians for the hospitality industry.

“There is need to train staff for the services industry as there is a great demand from hotels and casinos. The academy will focus on training young workers in handling food and customer services, and will offer a one year certificate course.

“We are expecting the academy to operate at the end of 2018 and it will train about 3,000 students yearly. This will help those in rural areas to find jobs,” said Chao.

Electricity/Power Grid ,
Oil & Gas

PV Power nine-month profit exceeds plan

2 November 2018

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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

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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

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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

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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

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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.

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