In today’s talking points: Solar Energy Approval Accelerated in Australia, Six Chinese SOEs will form a coal/power trading joint venture, Wind Power Generation Increases in the fight against pollution, China creates energy conglomerate to improve profitability
Solar Energy Approval Accelerated in Australia
The NSW government is now catching up with its neighbors Queensland and South Australia with their recent embracing of solar energy investment. 11 new projects have been approved, adding to the 3 already operational. In 2018 energy capacity could be doubled, as firms scramble to supply the Renewable Energy Target to be filled by 2020. It follows as South Australia announces an expansion in its solar energy strategy today, who famously partnered with Tesla and Neoen energy to build the world’s largest battery site in Jamestown. Further Kane Thornton, chief executive of the Clean Energy Council, affirms, “with the cost of new solar power continuing to plunge, they can also be built for a very competitive price which is substantially lower than either new coal or new gas,”
Read More: Sydney Morning Herald
Six Chinese SOEs will form a coal/power trading joint venture
In order to streamline SOE activities in the energy sector following government mandates, six SOEs will invest together in an electric transmission system to better connect Shanxi and Jiangsu provinces. The joint venture will be called Sujin Energy Holding and worth 6 billion in investment, the companies involved include China Coal Pingshuo Coal Co Ltd, Datong Coal Mine Group, Datang International Power Generation Co Ltd, Jinneng Group Co, Jiangsu Guoxin Investment Group Ltd and Shanxi Shentou Power Corp. Shanxi is the 2nd largest coal producing province in China, digging out 854million tonnes in 2017. Whereas Jiangsu province is the 2nd biggest national consumer of power, importing a fifth of it’s needs from neighbouring provinces. Earlier this year coal supplies by truck and rail were blocked by heavy snowfall, plus burning restricted to ease air pollution.
Read More: Reuters
Wind Power Generation Increases in the fight against pollution
Nearly 5% of China’s total energy output, the equivalent of 305.7 billion kilowatt hours of energy, came from wind power generation last year. Provinces such as Yunnan, Sichuan, Shanghai and Fujian saw the greatest rates of efficiency whilst Gansu, Jilin, Xinjiang and Inner Mongolia were the least efficient. The Government has made curbing pollution levels one of the ‘three tough battles’ for the next three years, alongside risk prevention and poverty reduction. By 2020, China aims to cap its coal-fired power capacity at 1,000 gigawatts; by 2030, non-fossil fuels will account for ½ of the country’s total power generation.
Read more at: Xinhua
China creates energy conglomerate to improve profitability
According to company announcements filed to the Shanghai Stock Exchange, China’s Guodian Corporation has signed a merger with China Energy Corporation to become the country’s largest company operating in the coal and power sectors. The move is part of a wider aim to cut saturation in the sectors through the restructuring of state-owned enterprises. The creation of conglomerates is expected to co-ordinate coal and electricity markets, helping to improve resource allocation and, in-turn, profits.
Read More: Xinhua