Societe Generale drops Indonesian coal plant: Societe Generale, a major French bank, has confirmed to Friends of the Earth France that it will not finance the proposed 2140 MW expansion of Tanjung Jati B-2 coal plant in Central Java in Indonesia. In 2015 another French bank, BNP Paribas, withdrew from involvement in the project. Credit Agricole remains the last French bank supporting the project while the Sumitomo-led consortium has also attracted support of the Japan Bank for International Cooperation. (Mongabay, CoalSwarm) Solar may outshine coal on price by 2025: While solar power is already cheaper than coal power in some parts of the world, Bloomberg New Energy Finance (BNEF) estimates it is on track to be cheaper globally by 2025. “Every time you double capacity, you reduce the price by 20 percent,” said Adnan Amin from the International Renewable Energy Agency. A BNEF chart suggests wind power will be cheaper than coal globally before 2020. (Bloomberg) US CCS plant costs climb, accident averted: Mississippi Power has announced the cost of the 582 MW Kemper Carbon Capture and Storage (CCS) project has increased by a further US$52 million and is now estimated to cost over US$7 billion. The company has warned costs will increase if the plant is not commissioned by January 31. A report filed with the Mississippi Public Service Commission in December revealed a raft of commissioning problems with the plant including an incident when hot syngas backed up into the coal feed system. A former plant manager turned whistleblower argues the problem could have caused a major explosion at the plant. (CNBC, Mississippi Watchdog) Australian Government forecasts met coal plateau, thermal coal falls: The Australian Government’s resources agency estimates the global seaborne trade in metallurgical coal will plateau at around 313 million tonnes in 2018. The agency estimates the seaborne trade of thermal coal will decline in 2017 by 0.9 per cent to 1.02 billion tonnes due to lower imports from China and India before recovering lost ground in 2018. The agency estimates the benchmark metallurgical coal price could drop from the US$285 a tonne negotiated in December for the March 2017 quarter to US$109 a tonne in 2018. The agency estimates thermal export prices for the Japan 2017-2018 financial year to be around US$75 per tonne but to decline to US$67 a tonne the following year. (Australian Department of Industry, Innovation and Science) Indian agencies investigate Adani: Adani Enterprises, the ultimate parent company of the proposed Carmichael mine in Australia, is one of the coal companies under investigation by India’s Directorate of Revenue Intelligence (DRI) for inflating the cost of imported coal. For a decade the DRI has been investigating Adani entities which traded in diamonds and gold jewellery. Adani Enterprises was named in a 2011 report by Karnataka’s state ombudsman in which documents seized by police allegedly “indicate that money has been regularly paid to port authorities, customs authorities, police department, mines and geology and even to MLAs/MPs.” Adani has rejected the allegations. (ABC News, Scroll) Russian coal railway upgrade planned to match increased port capacity: The Deputy Prime Minister of the Russian Federation has directed the railway servicing the Vostochny coal port be upgraded to cater for a further 20 million tonnes of coal a year by 2019. Vostochny is in Russia’s Far East with exports catering for the Asia-Pacific market. The commissioning of the Stage III expansion of Vostochny Port’s coal terminal is scheduled to begin in May 2017 to increase the capacity of the port to 39 million tonnes a year. The port exported 23 million tonnes of coal in 2016. (Port News, Port News)
|