China’s State Power Investment Corporation Purchases Wind Farm in Australia
Chinese company State Power Investment Corporation (SPIC) have acquired the Taralga wind farm in New South Wales from Spain’s Banco Santander this week, hot on the heels of their $3 billion deal to buy Pacific Hydro three months ago. The farm is predicted to have been purchased for approximately AUD$250 million to $300 million, the starting sale price sought by Santander back in August. Emma Collins, Wind Energy’s chief executive has come out stating that the Australian market has real long term potential, highlighting government backing and improvements regarding certificate pricing for expansion promotion. Click here for the full article.
Jobs in renewable energy in Australia have fallen 3%
The Australian Bureau of Statistics have reported that jobs in the Australian Renewable Energy sector have taken a 3% fall over the past financial year, totaling in a 27% collapse since 2010. A total of 470 full time jobs were lost in the renewable energy sector from 2014-2015, predominantly regarding those working in the rooftop solar and wind energy fields. However, Australia is currently attracting increased overseas investment into the clean energy sector, and is hoping for a renewed growth spurt in the area. Click here for the full article.
New energy cars help Beijing cut pollution
Currently ‘green’ energy vehicles account for 30% of new vehicle purchases and is expected to rise to well over 50% in major cities (China’s State Council). The government has swayed consumer spending towards buying low carbon emitting vehicles by providing heavy subsidies and tax cuts over the past few years which has seen a boom in sales. In 2015 sales rocketed 270% totalling 108,000 purchases over a period of only 8 months (China Association of Automobile Manufacturers). Due to the successful uptake of the ‘green’ vehicle subsidy scheme the government has extended the programme onto 2016 and beyond. In addition the central government will now control issuance of subsidies with retailers rather than the local governments in order to speed up the attainment process. Click here for the full article.
Chinese Crude Oil Imports – Prospects for Increased Growth
Analyst were surprised in February as China’s Crude Oil imports were on a record high, flattening market predictions that the slow growth in China’s economy will be reflected in its natural reserve imports. There a little signs that the global price reduction in refined oil has been reflected in domestic consumer prices as the government has not leant on retailers. As we see expanding countries, such as China and India, increase its demand for vehicles, they are now focusing more on meeting domestic demand in both fuel and vehicle sales. This will likely see a reduction in exports due to the higher profit margins to be made domestically. In addition there is no doubt that the mammoth Silk Road infrastructure project will lead to an increase demand in vehicle sales and liquid hydrocarbon fuels to power heavy construction equipment. Click here for the full article.