Page 13 - AsiaElec Week 32 2021

AsiaElec
NEWS IN BRIEF
AsiaElec
Classification Society (CCS) as a milestone in the development of deep-water wind power. CCS says the facility effectively addresses
the challenges of large capacity and long- distance power transmission presented by offshore wind farms. RUDONG is the first offshore ±400 kV wind power flexible DC transmission project in China. The station
will be used to collect 1,100 MW of electric energy from three windfarms in the JIANGSU RUDONG project in China’s Yellow Sea.
The station will then convert the electricity into DC power and transmit it onshore,
a distance of around 100km, the longest transmission length in China, via a submarine cable. When the project is fully operational
it will be able to provide 1.36mn households with their annual electricity consumption, helping China to move closer to its ‘3060’ double carbon reduction target. Compared with coal-fired power plants, the JIANGSU RUDONG windfarms project, can save about 740,000 tonnes of standard coal and reduce about 1.83mn tonnes of carbon dioxide per year.
“The installation of RUDONG offshore converter station is a significant milestone
in the development of deep-water offshore wind power development in China,” said
Fan Qiang, Vice President of CCS. “We are proud of our team who used their industry- leading expertise to help support this complex construction project.”
The converter station itself weighs 22,000 tonnes and is as tall as a 15-story residential building. The impressive structure has an area that is nearly as large as a standard soccer pitch.
CCS has now completed successful classification surveys for more than 60 wind power installation platforms and has carried out authentication surveys for more than
40 offshore substations. Mr. Fan said CCS is working “hand in hand” with the offshore wind power industry to continue its growth. CCS
RATINGS
Fitch affirms CLP Holdings
and CLP HK at A; outlook
stable
Fitch Ratings has affirmed the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of Hong Kong-based CLP Holdings Limited (CLPH) and its wholly owned subsidiary, CLP Power Hong Kong Limited (CLP HK), at ‘A’ with a Stable Outlook.
The Short-Term IDRs of the two entities have been affirmed at ‘F1,’ Fitch said in a statement.
The ratings of CLPH reflect the predictable cash flow from CLP HK, which typically contributes around 65%-70% of the parent’s total EBITDA. CLP HK benefits from a de facto monopoly in its vertically integrated electricity business in Hong Kong’s Kowloon district and New Territories region, which
is regulated under the transparent and supportive Scheme of Control (SoC) framework. The SoC allows CLP HK a permitted rate of return and operating cost pass-through
CLP HK’s EBITDA rose by 3.6% in 2020 before picking up by 8.1% in 1H21. Sales of electricity fell slightly in 2020 as a drop in non-residential sales due to the restrictive measures from preventing the Covid-19 spread was partially mitigated by higher residential sales with more people staying at home. Electricity sales improved across the board by 4.4% yoy in 1H21 as economic activity increased.
Fitch said it expected earnings to improve gradually as CLP HK’s 2018 Development Plan, which covers October 2018-December 2023, aims to raise total investment by 43% to HKD52.9bn from the previous period.
It includes investments in transmission and distribution to enhance reliability and safety, and meet demand growth.
It also includes a 550MW gas-fired generation unit at Black Point, commissioned in 2020, and construction of another 550MW gas-fired unit and an offshore liquefied natural
gas terminal.
FITCH RATINGS
COAL
Adani wins 3 of India’s 8 commercial coal auctions
Adani Group units have won three out the eight mines that went under the hammer in the second tranche of India’s commercial coal mining auctions.
On the last day of the auction round, Adani subsidiary CG Natural Resources won the Khargaon mine in Chhattisgarh against the highest bid of 6% revenue share, India’s Financial Express reported.
It had also won the Jhigador mine in Chhattisgarh on the first day of auctions on August 9, while Adani Power Maharashtra had bagged the Gondkhari block in Maharashtra on the same day.
For the two other blocks bid out on the final day, Kolkata-based Shreesatya Mines became the preferred bidder for the Burakhap Small Patch block in Jharkhand by offering the highest revenue share of 54.5%, and Prakash Industries quoted the revenue share of 55.8% for the Bhaskarpara mine in Chhattisgarh.
Jharkhand’s Rauta Closed block received the highest bid of 75.5% revenue share to the state government, which was won by newly incorporated firm Shreesatya Mines on Tuesday. The other coal block winners in this latest tranche are South West Pinnacle Exploration and Sunflag Iron and Steel.
The maiden auction round, held in November 2020, saw bidding by domestic and home-grown firms, where the highest premium received was 66.8% while the average premium quoted was 27%. As many as 20 mines out of the 38 offered could be auctioned off in the first round of auctions in 2020. The Union coal ministry had offered 67 blocks under the second round of auction for commercial mining, out of which only eight mines could be finally put up for bidding.
COAL
Bank of the Philippine
Islands aims to stop
funding coal power by 2033
Ayala-led Bank of the Philippine Islands (BPI) aims to stop by 2033 all lending to coal-fired
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