IEEFA Energy Finance 2016: Rampal Project in Sundarbans Forest of Bangladesh: High-Priced Electricity and Foreign Subsidies

first_imgIEEFA Energy Finance 2016: Rampal Project in Sundarbans Forest of Bangladesh: High-Priced Electricity and Foreign Subsidies FacebookTwitterLinkedInEmailPrint分享A controversial coal-fired power plant in southern Bangladesh would produce overpriced electricity and require massive public subsidies from neighboring India, according to an initial analyses by IEEFA.The proposed Rampal power plant, which has drawn attention for its potential impact on the Sundarbans forest, would generate power that would probably cost ratepayers US 9.5 cents per unit, or 32 percent above average electricity prices in the region, IEEFA energy analyst Jai Sharda said during a Monday presentation at Energy Finance 2016.“It would require massive subsidies,” said Sharda, including hundreds of millions of dollars from the Export Import Bank of India, which is backing the project with long-duration loans at well below-market interest rates. The capital cost of the 1.3GW plant has already blown out from US$1.5 billion toward a likely US$2 billion, and the proposed planned and construction timeline is already several years behind schedule, with full commissioning unlikely before 2020.“While Bangladesh’s need to diversify and expand its power generation sources is entirely justified, adding high risk and high-cost imported-coal-based power production capacity, like the Rampal project, is not an economically feasible solution,” Sharda said.“Solar and wind power provide attractive options for Bangladesh, making strategic sense by de-risking power generation from fuel-price and currency devaluation risks and diversifying and expanding the generation base,” he said.The site of the proposed plant lies in close proximity to the Sundarbans, a Unesco World Heritage site that straddles the borderlands between Bangladesh and India and is home to Bangladesh’s last population of tigers.last_img read more

Australian electric market operator sees no need for new gas in renewable energy transition

first_img FacebookTwitterLinkedInEmailPrint分享Renew Economy:Australia’s federal government, urged on by the gas lobby, has sought to make a big deal about the need to promote gas as a transition fuel for the switch from coal to renewables and storage.It’s [a] view that has been hotly contested by environmentalists, who say gas is not much cleaner than coal because of its methane emission, who point out that it is really expensive, and now again by the engineers responsible for keeping the lights on, who cite both the reasons above and who say there are likely cheaper, smarter and cleaner alternatives.The Australian Energy Market Operator, in its 2020 Integrated System Plan – a 20 year blueprint to ready Australia for what it describes as the world’s “fastest energy transition” recognises that gas can provide the synchronous generation needed to balance variable renewable supply, i.e. wind and solar, and be a potential complement to storage.Under no scenario does the amount of gas burned for electricity in Australia’s main grid increase over the coming decade. It is more likely to fall significantly. Ultimately, however, it will come down to price, and while current costs favour existing gas plants, the case for new gas generators is less likely because the cost of battery storage is falling rapidly, and gas may not pass muster when it comes to considering the all-important carbon budgets.Gas currently has two roles in the electricity grid – as a provider of baseload and intermediate generation, with more flexibility than coal, and as a source of “peaking” generation that can rapidly respond to sudden changes in supply and demand. But AEMO’s forecasts suggest a fall in gas capacity, even in the central “business as usual” scenario.The outlook for the former is not good, simply because gas is expensive to extract, and even at the prices promised by the gas lobby – on condition that they receive big new subsidies from the government – won’t be able to compete with wind and solar for bulk generation. Many of these plants are old and are due to retire. They won’t be replaced like for like. Some young generators will remain in case of wind and solar “droughts”.That leaves its role as a “fast-start dispatchable” source where the need for something makes price less important. “Gas has a cost advantage over batteries at current gas and battery costs,” [the AEMO ISP notes.] “However, in the 2030s when significant investment in new dispatchable capacity is needed, this advantage could shift to batteries, especially to provide dispatchable supply during 2 and 4-hour periods. Based on the cost assumptions in the ISP, new batteries are more cost-effective than gas in the 2030s. Future climate policies may also impact the investment case for new gas.”[Giles Parkinson]More: AEMO says batteries will be cheaper and cleaner than new gas plants Australian electric market operator sees no need for new gas in renewable energy transitionlast_img read more

Coal India moving forward with plans to install 3GW of solar capacity by 2024

first_imgCoal India moving forward with plans to install 3GW of solar capacity by 2024 FacebookTwitterLinkedInEmailPrint分享ETEnergyworld.com:State-owned Coal India on Monday said it plans to set up 14 rooftop and ground-mounted solar power projects of 3,000 MW capacity by 2023-24 which will entail an investment of Rs 5,650 crore. Coal India (CIL) is mandated by the coal ministry to become a net zero carbon company. Solar power initiative is a part of CIL’s diversification plans, the PSU said in a filing to BSE.The likely investment would be around Rs 5,650 crore, it said. While Rs 3,650 crore is planned to be invested through CIL’s capex, till 2023-24, the rest would be met through joint venture models that the company intends to pursue for this initiative.Synergising their efforts, CIL and NLC India Ltd have floated a joint venture entity ‘Coal Lignite Urja Vikas Private Ltd’ to develop 1,000 MW solar power projects.CIL has also tied up a JV with NTPC and an MoU with Solar Energy Corporation of India for solar projects of 1,000 MW each, the progress of which is being worked out individually.Additionally, the solar power initiative helps CIL reduce its whopping annual power consumption expense, which was around Rs 3,400 crore ending FY2020, accounting for around 4.4 per cent of the revenue expense for the year. Any saving under the power bill would also bolster the bottom line of the company to that extent, the PSU said.Besides establishing solar projects, CIL is in discussions with NTPC Ltd for purchase of 140 MW solar power under the Centre’s CPSE scheme. Cumulatively, it adds up to little over 3,000 MW by FY2024.More: CIL to set up 3 GW solar power projects of Rs 5,650 crlast_img read more

The Army Remains at the Alemão Complex, Jobim Says

first_img The forces occupying the Alemão Complex in northern Rio de Janeiro will remain in the community indefinitely, and the Armed Forces will have command of the operation. The announcement was made by Defense Minister Nelson Jobim and by the governor of Rio de Janeiro, Sérgio Cabral (Brazilian Democratic Movement Party, PMDB), after a meeting evaluating the operations. “Command belongs to the Army, while state, civilian, and military personnel will have their own intermediate commanders,” Jobim said at a press conference. Until now, according to Jobim, the Army has been providing perimeter security. Patrol and occupation of the area were the responsibility of state authorities. This will now change. “The fundamental change is that they are going inside the slum,” the minister summarized. With the support of the Armed Forces and the Federal Police, the Civil and Military Police of the state of Rio de Janeiro occupied the Alemão Complex last week. The period of time that the forces will remain in the community has not been determined. “The need is what determines their presence, and not a set date,” Jobim said. By Dialogo December 07, 2010last_img read more

GM suspends credit union discount program

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The exclusive General Motors credit union member discount program that generated 400,000 credit union loans worth $9.2 billion will hit the end of the road in less than a month.“GM, after almost seven years on this program that many thought would last only six months, decided not to extend the contract,” Dave Adams, president/CEO of the Michigan Credit Union League & Affiliates, said Monday. “We’re disappointed. We would have liked the program to go on forever. But we understand the realities of the automotive industry as well.”The program will be suspended on Oct. 1. continue reading »last_img

Villager fakes death to circumvent India’s virus lockdown

first_imgThe region’s Superintendent of Police, Ramesh Angral, said the four men and the driver travelled more than 160 kilometers in the ambulance, passing many checkpoints using a fake death certificate from the hospital.”The ambulance was stopped at the last checkpoint before they could reach home,” Angral told AFP.”A policeman there immediately figured out that the man lying covered inside the ambulance could not be dead.”The men were arrested and quarantined separately, Angral said, adding that they faced charges of “cheating and defying the government’s prohibitory orders”. A Kashmiri villager faked his death and travelled more than a hundred miles in an ambulance with four others in a desperate bid to circumvent India’s virus lockdown and return home, police said Wednesday.Hakim Din was being treated for a minor head injury at a hospital in Jammu when an ambulance driver suggested the 70-year-old fake his death to get past checkpoints, police said.Din and three other men wanted to return to Poonch, a far-flung region in Indian-administered Kashmir close to the de facto border with Pakistan. There are no known coronavirus cases in the Poonch region.India imposed a 21-day nationwide lockdown from last Wednesday to fight the spread of the coronavirus pandemic.There are more than 1,600 cases, including 38 deaths, in the vast nation of 1.3 billion people, according to the government.The nationwide lockdown comes in the wake of a long-running curfew in Kashmir, imposed as New Delhi scrapped the restive region’s semi-autonomous status on August 5.Some aspects of the curfew were gradually eased in the following months, allowing Kashmiris to travel outside their homes and villages.But some Kashmiris have been left stranded in cities and unable to return home to their villages after the sudden nationwide lockdown announcement.Internet access, which was cut in the earlier lockdown, has remained severely restricted with only 2G access.Many mobile phone users have also been unable to access the internet on their devices.center_img Topics :last_img read more

Pictet, Lombard Odier publish figures for first time in centuries

first_imgSwiss private bank Pictet has published a financial report for the first time in more than 200 years.According to the half-year financial statement, the banking group generates 85% of its operating income from service income relating to wealth and asset management.Assets under management (AUM) at Pictet Asset Management amounted to CHF144bn (€117bn) after the first six months.Pictet, founded in 1805, began to operate as an institutional asset manager in 1967, when it became the founding member of the first independent investment foundation in Switzerland. As of the end of June, assets under management or custody in the whole banking group totalled CHF404bn, excluding double counting, which is CHF13bn more than at year-end 2013.“Taking double counting into account, amounts are split between wealth management (34%), asset management (33%) and asset servicing (33%),” the bank said.For previous years, the banking group reported assets under management or custody of CHF391bn for 2013, CHF374bn for 2012 and CHF337bn for 2011.The consolidated profit in the group for the first six months of 2014 stood at CHF203m.  The banking group was forced to disclose its financial status publicly for the first time as – in line with other Swiss private banks – as it changed its legal status as of January 2014.Both Pictet and Lombard Odier have changed to partnerships limited by shares according to Swiss law (“Kommanditgesellschaft auf Aktien nach Schweizer Recht”).This step was taken to limit the liability of owners in the event of losses or claims for damages.The eight partners in the Pictet Kommanditgesellschaft, as well as their eight counterparts at Lombard Odier, keep control over the banking groups as shareholders, and all operating business are now run as listed stock companies.As of the end of June, Lombard Odier, founded in 1796, managed CHF47.8bn for asset management clients.For the first six months of 2014, it reported CHF62.5m in consolidated net profit.last_img read more

UK should fight temptation to ‘fiddle numbers’ as Brexit swells deficits

first_imgWebb, now director of policy at Royal London Asset Management, dismissed a renewed consideration of smoothing out of hand.“If it turns out that low interest rates really are the new normal, then pretending they are not low to ease short-term funding pressures is pretty risky,” he said.He also defended the flexibility granted TPR during his tenure and emphasised that valuations were not rigid but tailored to an individual DB fund’s needs.“The argument is still ‘you don’t kill the goose that lays the golden egg’,” he said.“And you don’t expect such high pension contributions that it would actually reduce the chance of the company’s being there in 10 years’ time to pay the pension liabilities.”Consultancy PwC noted that many sponsors and trustees had constructed the most recent valuations around a scenario anticipating improved Gilt yields.Instead, the UK Debt Management Office this week issued £1.25bn of 10-year Gilts at a yield of -1.58%.Jeremy May, pensions partner at PwC, said the challenge now facing trustees was weathering continued investment volatility.“An alternative strategy would be to recognise that repairing the deficit needs to be done over a longer time frame,” he said.“This would allow trustees to reduce the investment risk within the scheme by moving to more cash-generative assets while increasing liability hedging with the sponsor, thereby benefiting from the reduced volatility in future contribution calculations.”While TPR no longer limits recovery plans to 10-year timeframes, it has recently come in for criticism for the 23-year recovery period set out by trustees at the pension fund for insolvent retailer BHS, now set to enter the Pension Protection Fund. The UK government should ignore calls to change the way defined benefit (DB) pension deficits are calculated, the country’s former pensions minister has said, after the impact of the UK’s vote to leave the European Union damaged funding.Steve Webb, responsible for pensions policy for five years until 2015, said the temptation to “fiddle the numbers” should be resisted after the most authoritative deficit figures for UK DB funds saw a £89bn (€105bn) increase in underfunding in the immediate aftermath of the vote.Since the referendum, his successor, Ros Altmann, has repeatedly warned of the economic impact of increasing deficits and said it must not be allowed damage the economy. Webb noted that, during his tenure, the Pensions Regulator (TPR) was granted a further objective to consider the growth prospects of sponsoring companies when agreeing deficit-reduction payments – a decision reached at the same time the government rejected a call to allow for smoothing of pension liabilities.last_img read more

Buyers in the driver’s seat now

first_imgTara Ebert has managed to secure an inner city property at Kedron as experts see growing opportunities for buyers to negotiate into prime city positions. Picture AAPimage/David Clark.MORE experts now believe the coming months will hold the strongest opportunity in years for buyers to negotiate their way into a bargain prime location.This as fresh data led property analysis firm Corelogic to believe more sellers had become willing to let properties go at a loss, with units seven times as likely to do so than houses.Around 29.2 per cent of Brisbane units sold in the June quarter were at a loss, the data found, with Brisbane’s share of national lossmaking resales at its highest level in almost four years.“In a falling market owner occupiers may be more prepared to sell at a loss if they are purchasing their next home at an equivalent or greater discount. Conversely, investors, because of taxation rules, would seemingly be more prepared to incur a loss because they can offset those losses against future capital gains,” the latest CoreLogic Pain & Gain report said.That, according to experts, gives buyers the best negotiating position they’ve had in years especially in the unit market.CoreLogic head of research Tim Lawless told The Courier-Mail that investors were already demonstrating their willingness to take a hit — though he did not believe it would spillover into the broader housing market given units made up 27.7 per cent of all dwellings resold nationally.HeroBroker found Clint Howen, whose firm secures loans for struggling buyers, said the coming 24 months were ideal especially in the Brisbane unit market.“The next one to two years is where I can see there are going to be good opportunities,” he said, advising buyers to take time to analyse the area they want to buy in.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours ago“Realise you do have negotiating power and it’s only growing. A lot of investors out there are feeling pain now or will be feeling pain in future and they know it. Realise that time’s on your side and do not get carried away in feeling you have to buy immediately.”New homeowner Tara Ebert, 33, hunted for a house for a year unsuccessfully before she secured a $375,000 Kedron apartment within two months of starting a unit search. “It was a lot harder to find a house in this market which is why I decided to go for a unit or townhouse. You have a bit more bargaining power too and obviously it’s a lot cheaper than trying to buy a house.”The price she paid was $25,000 less than the suburb’s median unit price and $340,000 below the median house price there.“Finance was good I didn’t have any issues with finance but I suggest anyone looking get preapproval.”Her search strategy was “location, public transport, what the unit has like airconditioning, ceiling fans, something that won’t have too much maintenance as well and can be used as an investment in the future”. FOLLOW SOPHIE FOSTER ON FACEBOOK Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 9:24Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -9:24 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD288p288pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenCoreLogic Brisbane Housing Market Update – August 201809:25last_img read more

Port of Antwerp Orders World’s First Hydrogen-Powered Tug

first_imgBelgium’s Port of Antwerp has contracted Antwerp-based Compagnie Maritime Belge (CMB) for the construction of the world’s first tug powered by hydrogen.Dubbed Hydrotug, the vessel will be driven by combustion engines that burn hydrogen in combination with diesel.Construction is due to begin shortly and the Hydrotug is expected to be operational within two years, the port said.“We are working towards becoming a CO2-neutral port,” Jacques Vandermeiren, Port of Antwerp CEO, commented.“With this world-first we aim to further prepare the way for alternative fuels such as hydrogen, in order to realize the transition to alternative, renewable sources of energy.”The hybrid tug contract for CMB follows the construction of the “Hydroville” shuttle, a dual-fuel passenger ferry with limited capacity and power that is now being used for sustainable commuter transport within the port area.CMB is also working with Japanese shipbuilder Tsuneishi Facilities & Craft (TFC) on the construction a hydrogen-powered ferry. The ship will be built at TFC’s facilities in Onomichi, Japan, and is expected to be delivered in 2021.The company earlier teamed up with the Ghent-based engine builder ABC to set up the BeHydro joint venture with the aim of further developing the technology for medium-speed engines with higher power output.“We are convinced of the potential of hydrogen as the key to sustainable shipping and making the energy transition of a reality,” Alexander Saverys, CEO of Compagnie Maritime Belge, said. “The expertise that we acquire with the Hydrotug will enable us to further develop the use of hydrogen as a ship’s fuel.”Compagnie Maritime Belge & Port of Antwerp bouwen #hydrotug, eerste op #waterstof aangedreven sleepboot ter wereld. Belangrijke stap in de transitie naar een duurzame en CO2-neutrale haven. https://t.co/59sMdmElqE#energietransitie #duurzaamheid #innovatie #wereldprimeur pic.twitter.com/TbYXSQmlbx— Port of Antwerp (@PortofAntwerp) September 20, 2019last_img read more