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2019-03-15 09:50:00

AUSTRALIA'S COAL DOWN

AUSTRALIA'S COAL DOWN

IEEFA - IEEFA objects to Whitehaven Coal's current application to open a new thermal coal mine north of Gunnedah in New South Wales, Australia.

Currently being reviewed by the New South Wales Independent Planning Commission, the application is to expand Whitehaven Coal's already approved Vickery Coal Project proposal located on an old mine site that ceased production in 1998.

Tim Buckley, Director of Energy Finance Studies with the Institute for Energy Economics and Financial Analysis (IEEFA) firmly objects to the company's application.

"Building a huge new thermal coal mine simply makes no sense for Australia in 2019," says Mr Buckley.

"This application shows the outdated coal industry is being left behind as cheaper renewable energies increasingly become part of the mix and lenders shift away from coal, particularly more expensive imported coal."

Over 100 globally significant financial institutions including public and private banks, credit agencies and insurance groups have restricted coal financing including 40% of the top 40 global banks and 20 globally significant insurers. The majority of the institution's announcements are 'climate' policies reflecting an acceptance of climate science and a serious reorientation of business strategies.

Since the start of 2018 there have been 34 new or significantly improved announcements from global financial institutions restricting coal.

"While renewable energies are increasingly cheaper, global coal trade has peaked and Australia needs to avoid flooding the declining market profile over the coming decade with unnecessary new supply," says Mr Buckley.

"This week, the Reserve Bank of Australia's Deputy Governor stated climate change will be an 'abrupt and disorderly' blow to Australia's financial stability.

"Guy Debelle called for an orderly transition to a low carbon economy, which obviously doesn't include opening up new high emission coal mines like the one Whitehaven is hoping to have approved.

"The financial, environmental and moral cost of building a new thermal coal mine in the face of climate science accepted by more than 100 global financial institutions, plus the Reserve Bank of Australia, the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission outweighs any perceived benefit of putting more expensive dirty coal into Australia's energy export mix.

"This application coincides with a time of significant climate related policy announcements from Japan – Australia's top export destination for thermal coal.

"This month alone we have seen thermal coal exit moves by Sojitz Corporation and Marubeni Corporation, building on a series of announcements over the last six months."

In limiting climate change to 1.5-2°C of warming as per the global Paris commitments, IEEFA notes fossil fuel extraction must rapidly decrease towards zero net emissions, effective almost immediately. All countries must instead accelerate reliance on sustainable, affordable and renewable non-fossil sources of energy, and accelerate energy efficiency and electrification of the transport sector as the top priorities to avoid catastrophic climate change.

"The first step in this planned transition is to stop new thermal coal mine approvals. When in a hole, the first thing to do is stop digging deeper!" says Mr Buckley.

"To maximise the value of Australia's existing coal industry and buy time for a planned transition, we need to stop new greenfield developments.

"Whitehaven's Vickery Extension Project must be rejected by the NSW Independent Planning Commission," he said.

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Earlier:

Australia
2019, February, 8, 11:30:00

AUSTRALIA'S LNG UP

PLATTS - LNG exports from Australia's east coast rose 9% month on month to 1.93 million mt in January, buoyed by strong sales to China and Japan, data from the Gladstone Ports Corporation showed Thursday.

 
 Australia
2019, January, 25, 08:15:00

SANTOS ANNUAL REVENUE UP 19%

SANTOS - Record quarterly sales revenue of $1,043 million, up 7% and including record quarterly LNG sales revenue of $449 million, up 11%. Record annual sales revenue of $3,696 million, up 19%

 
 Australia
2018, December, 10, 08:35:00

AUSTRALIA: THE BIGGEST LNG

REUTERS - Australia overtook Qatar as the world’s largest exporter of liquefied natural gas (LNG) for the first time in November, data from Refinitiv Eikon showed on Monday.

 
 Australia
2018, November, 22, 10:45:00

CONTINUED AUSTRALIA'S GROWTH

IMF - Australia’s recent strong growth is expected to continue in the near term, further reducing slack in the economy and leading the way to gradual upward pressure on wages and prices.

 
 Australia
2018, October, 3, 08:25:00

AUSTRALIA'S RESOURCE EXPORTS: $182 BLN

REUTERS - Australia’s government expects the nation’s resource and energy exports to hit a record of A$252 billion ($182 billion) in 2018-2019, buoyed by climbing prices for commodities such as natural gas and by a weaker Australian dollar.

 
 Australia
2018, June, 15, 10:40:00

AUSTRALIA'S LNG INFRASTRUCTURE

REUTERS - The issue comes down to how quickly to build a shared infrastructure system that would include a major trunk pipeline for transporting gas from mammoth new offshore fields owned by various companies in northwest Australia.

 
 Australia
2017, December, 18, 12:20:00

AUSTRALIA STOPS COAL

PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.

 

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Tags: COAL, AUSTRALIA

Chronicle:

AUSTRALIA'S COAL DOWN
2019, March, 20, 10:50:00

ИНВЕСТИЦИОННЫЕ ПРОЕКТЫ ГАЗПРОМА

Совет директоров ПАО «Газпром» одобрил проводимую компанией работу по реализации крупнейших инвестиционных проектов. В числе приоритетных направлений деятельности компании — Восточная газовая программа.

AUSTRALIA'S COAL DOWN
2019, March, 20, 10:45:00

РУССКИЙ ГАЗ ДЛЯ СЕРБИИ

В 2018 году «Газпром» поставил в Сербию 2,15 млрд куб. м газа — на 1,2% больше чем в 2017 году (2,12 млрд куб. м).

AUSTRALIA'S COAL DOWN
2019, March, 20, 10:40:00

EUROPE'S GAS SECURITY

IEA - At the moment, Russia is sending record volumes to Europe while LNG utilisation rates remain relatively low. Limits to European production capacity and import infrastructure (with over half of pipelines operating at monthly peaks above 80%) may contribute to market tightness over the coming years, particularly if Asia continues to absorb the ramp up in global LNG liquefaction capacity.

AUSTRALIA'S COAL DOWN
2019, March, 20, 10:35:00

S.KOREA'S LNG WILL UP

The South Korean government Tuesday gave its final approval to lower taxes on LNG used for power production by 75%, and raise those on thermal coal by 28% from April 1, in a move likely to boost downstream gas consumption.

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