DOCSLIB.ORG

China Power Sector (Ideas Engine)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
China Power Sector (Ideas Engine) KEY CONCLUSIONS Equity Research China&Hong Kong Utilities (Utilities CN (Asia)) 29 April 2015 China Power Sector THEME Reforms bite! IDEAS ENGINE SERIES Structural ROE trend of the national IPPs New game rules. Safety will become Rule No.1 when investing in the power generators 20% 18% in the coming years amid China's aggressive push for power reforms. Our preliminary 17% analysis of market-based pricing in the recent primer report is now strengthened by the 18% 16% 16% four official documents issued in the past month. Without large demand recovery, 14% electricity will remain a seriously oversupplied commodity, and price war and consolidation 14% could pull the average ROE of national coal-fired IPPs from 17% in 2014 down to 10% 12% 11% The Ideas Engine 10% 10% by 2020E. With 2Q15 earnings likely marking a meaningful inflection, we recommend 10% 9% series showcases investors exit. Credit Suisse’s unique 8% A painful process before gain. The IPPs tariffs could go down further after the recent insights and investment 6% 5% cut and IPPs' tariffs for direct supplied contracts in 2014 (10% lower on average) is a 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E ideas. very strong early signal of what market forces can do. China aims full liberalisation of power pricing and when it happens, depressed tariffs could force the exit of uncompetitive smaller Source: Company data, Credit Suisse estimates units together with a large impairment (before full depreciation). Competitive survivors could Switch to the safer sectors! Please contact your swell after consolidation but the process could take years and could be painful. Sales person to Safe waters in the storm. Meanwhile, investors should find much better visibility for access the demand and prices in: (1) wind operators; (2) low-cost hydro power generators; and (3) A-share listed local IPPs with protective schemes. Nuclear operators are no longer supplemental attractive with rising uncertainty on utilisation and technology risks. analysis behind this SELL the national IPPs. With valuation nearing a five-year high plus major industry report. headwinds, we recommend investors to sell the national IPPs. We cut target prices and ratings (Huadian-H) on lower sustainable ROEs and our top sells are Huaneng (both A/H) and CR Power. We also downgrade CGN to UNDERPERFORM with an unjustified valuation and rising nuclear earnings risks. Areas that are worth buying include wind operators, low- Source: Credit Suisse research cost hydro power generators and local power utilities (we are initiating on Jingneng and Mengdian with an Outperform). The report follows our China Utilities Reform Primer in March 2015 (click here) RESEARCH ANALYSTS Dave Dai, CFA Ran Ma 852 2101 7358 852 2101 6653 [email protected] [email protected] ® CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION Client-Driven Solutions, Insights, and Access Focus charts Figure 1: Slow demand scenario—utilisation trend would Figure 2: Slow demand scenario—market reform can make Figure 3: IPPs with larger exposure to smaller units could continue to weaken without power reforms consolidation possible see greater shut-down risks Source: CEIC, Credit Suisse estimates Source: CEIC, Credit Suisse estimates Source: Company data Figure 4: Inner Mongolia enjoys better utilisation hours than the Figure 5: Forward P/B of national IPPs at five-year high despite Figure 6: Switch to the safer sectors! national average upcoming ROE pressure (Hours) (x) 5,400 5,294 20% 5,200 5,102 5,085 5,130 1.6 5,031 5,043 5,012 4,965 16% 5,000 1.4x Avg+2SD 1.4 4,800 4,706 1.2x Avg+1SD 1.2 12% 4,559 4,600 1.0 1.0x Avg 8% 4,400 0.8 0.8x Avg-1SD 4% 4,200 0.6 4,000 0.6x Avg-2SD 0.4 0% 2010 2011 2012 2013 2014 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 China Inner Mongolia ROE (RHS) Source: CEIC Source: Bloomberg, Credit Suisse estimates, excluding Datang Source: Credit Suisse research The author of this report wishes to acknowledge the contributions made by Gary Zhou, an employee of Evalueserve Research Hong Kong Ltd, a third-party provider to Credit Suisse of research support services. IDEAS ENGINE 2 China Power Sector Figure 7: Valuation summary Name Ticker Rating Price TP Mkt cap P/E (x) P/B (x) Yield (%) ROE (%) %EPS CAGR (US$ bn) 15E 16E 15E 16E 15E 16E 15E 16E 14-16E China Wind power sector Huaneng Renewables 0958.HK O 3.3 4.0 4.1 13.4 9.6 1.5 1.3 1.5 2.1 11.4 14.3 49.2 Longyuan Power 0916.HK O 9.7 11.5 10.0 14.8 11.9 1.7 1.5 1.3 1.7 12.0 13.5 42.7 China Datang Renewables 1798.HK O 1.3 1.5 1.2 17.0 11.5 0.7 0.6 0.6 0.9 4.0 5.6 n.a. Huadian Fuxin Energy 0816.HK O 4.3 5.5 4.7 10.6 8.7 1.7 1.5 1.8 2.9 17.0 18.1 30.2 China Suntien Green Energy 0956.HK O 2.1 2.5 1.0 12.5 8.6 0.8 0.7 2.7 4.0 6.4 8.8 44.4 Simple average 13.7 10.1 1.3 1.1 1.6 2.3 10.2 12.1 41.6 China Hydro power sector SDIC Power 600886.SS N 12.5 12.5 13.7 11.7 11.0 3.1 2.6 3.0 3.2 28.5 25.5 17.3 China Yangtze Power Co Ltd 600900.SS O 12.6 14.8 33.6 17.6 18.6 2.3 2.2 2.9 2.7 13.6 12.1 -1.7 Sichuan Chuantou Energy 600674.SS O 26.2 30.0 9.3 11.4 10.9 3.2 2.6 1.3 1.4 32.1 26.3 23.6 Simple average 13.6 13.5 2.9 2.5 2.4 2.4 24.7 21.3 13.0 China IPPs sector - A (Local) Inner Mongolia Mengdian 600863.SS O 6.1 7.5 5.7 34.2 21.4 3.2 3.0 3.1 2.3 9.4 14.5 10.5 Jingneng Power 600578.SS O 8.1 10.0 6.0 17.6 18.2 2.4 2.2 2.0 1.9 14.1 12.5 -10.3 Simple average 26.0 19.9 2.8 2.6 2.5 2.1 11.8 13.5 0.1 China Nuclear sector CGN Power 1816.HK U 4.5 3.4 26.3 26.3 22.8 3.0 2.7 1.3 1.5 11.7 12.5 11.9 China IPPs sector - H (National) Datang International Power 0991.HK O 4.8 4.6 14.9 10.5 8.7 1.1 1.0 3.8 4.6 10.4 11.6 52.1 Huadian Power International 1071.HK U 8.7 6.4 11.9 11.0 12.3 1.7 1.6 3.7 3.3 16.6 13.6 -8.7 China Resources Power 0836.HK U 23.3 16.3 14.4 9.2 9.3 1.4 1.3 3.5 3.8 16.2 14.5 14.4 Huaneng Power International 0902.HK U 11.3 7.3 24.3 10.8 12.0 1.7 1.6 5.1 4.6 16.6 13.8 -0.3 Simple average 10.4 10.6 1.5 1.4 4.0 4.1 14.9 13.4 14.4 China IPPs sector - A (National) Huadian Power International 600027.SS U 8.7 5.1 11.9 13.8 15.4 2.2 2.0 2.9 2.6 16.6 13.6 -8.7 Datang International Power 601991.SS U 7.9 3.7 14.9 21.6 18.1 2.2 2.0 1.9 2.2 10.4 11.6 52.1 Huaneng Power International 600011.SS U 11.0 5.8 24.3 13.1 14.6 2.1 2.0 4.2 3.8 16.6 13.8 -0.3 Simple average 16.2 16.0 2.1 2.0 3.0 2.9 14.5 13.0 14.4 China City Gas sector China Gas Holdings Ltd 0384.HK O 14.3 17.5 9.2 18.0 14.3 3.4 2.9 1.3 1.7 20.2 21.6 25.2 Beijing Enterprises Holdings 0392.HK O 72.1 82.0 12.0 15.7 13.7 1.5 1.4 1.9 2.2 10.1 10.7 17.9 China Resources Gas 1193.HK O 27.1 27.0 7.8 19.4 15.4 3.2 2.8 1.1 1.4 17.6 19.2 24.1 ENN Energy Holdings Ltd 2688.HK O 56.7 56.0 7.9 18.3 15.6 3.5 3.0 1.6 1.9 20.6 20.9 15.9 Shenzhen Gas Corporation 601139.SS U 12.3 6.6 3.9 30.6 27.2 4.1 3.8 1.3 1.5 14.0 14.5 11.3 Kunlun Energy 0135.HK N 9.1 8.7 9.4 14.4 12.3 1.3 1.2 2.0 2.3 9.3 10.1 2.8 Hong Kong and China Gas 0003.HK U 18.7 15.0 25.3 26.3 24.9 3.5 3.3 2.3 2.4 13.8 13.8 5.2 Simple average 20.4 17.7 2.9 2.6 1.6 1.9 15.1 15.8 14.6 Source: Company data, Credit Suisse estimates IDEAS ENGINE 3 China Power Sector New game rules YTD 2015, the national IPPs have mostly underperformed the broader index and most other P/B-based target prices with lower sustainable ROE (average of a stable demand and slow utilities sub-sectors.
Load more

Recommended publications
  • About CR Power
    Electric power generation is our business. "We do everything at our best efforts" is the cornerstone of our business philosophy. Our company mission is to become one of the leading independent power producers ("IPP"s) in the world and the best IPP in China. We are committed to accomplishing this mission. About CR Power China Resources Power Holdings Company Limited (the “Company” or “CR Power”) is a fast-growing independent power producer which invests, develops, operates and manages power plants and coal mine projects in the more affluent regions and regions with abundant coal resources in China. As at 31 December 2009, CR Power has 41 power plants in commercial operation. The total attributable operational generation capacity of the power plants held by the Company is 17,753 MW, with 37% located in Eastern China, 22% located in Southern China, 20% located in Central China, 12% located in Northern China, and 9% located in Northeastern China. Corporate Structure China Resources (Holdings) Company Limited 64.59% China Resources Power Holdings Company Limited Coal-fired Coal-fired Coal-fired Clean Energy (≥600MW) (300MW) (≤200MW) • Changshu • Huaxin • Yixing • Danan Wind • Fuyang • Liyujiang A • Xingning • Shantou Wind • Liyujiang B • Cangzhou • Tangshan • Penglai Wind • Shouyangshan • Dengfeng • Jiaozuo • Chaonan Wind • Changzhou • Gucheng • Luoyang • Dahao Wind • Shazhou • Hubei • Jinzhou • Huilaixian’an Wind • Zhenjiang • Lianyuan • Shenhai Thermal • Honghe Hydro • Yangzhou No. 2 • Caofeidian • Banqiao • Beijing Thermal • Shaojiao C •
    [Show full text]
  • M Beneficiaries of the Greater Bay Area's Transition to Low- Carbon
    MM October 13, 2019 10:43 PM GMT China's Urbanization 2.0 Beneficiaries of the Greater Bay Area's Transition to Low- Carbon Energy Nuclear is the best option for GBA's transition to low carbon. We double upgrade CGN Power to OW and upgrade HKEI to OW. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. MM Contributors MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Simon H.Y. Lee, CFA Beryl Wang Equity Analyst Research Associate +852 2848-1985 +852 3963-3643 [email protected] [email protected] MORGAN STANLEY ASIA LIMITED+ MORGAN STANLEY ASIA LIMITED+ Yishu Yan Eva Hou Research Associate Equity Analyst +852 3963-2846 +852 2848-6964 [email protected] [email protected] MM China's Urbanization 2.0 Beneficiaries of the Greater Bay Area's Transition to Low- Carbon Energy uclear is the best option for GBA's transition to low carbon.
    [Show full text]
  • Green Energy Powering Life with China Resources Power Holdings Company Limited Holdings Company Power China Resources Sustainable Development Report 2020
    Green Energy Green Powering Life with with Life Powering China Resources Power Holdings Company Limited Holdings Company Power China Resources Sustainable Development Report 2020 China Resources Power Holdings Company Limited SUSTAINABLE DEVELOPMENT REPORT 2020 润电力���限�司 This is the 11th annual Sustainable Development Report published by China Resources Power About Holdings Company Limited (“CR Power”) for the year from January 1 to December 31, 2020. the Report Basis of Preparation Scope This Report is prepared with reference to the This Report relates to China Resources Power following important standards: Holdings Company Limited and its affiliates • Environmental, Social and Governance (see Organizational Structure at page 13), Reporting Guide as set forth in Appendix referred to herein as “We,” “the Company,” 27 of the Rules Governing the Listing of or “CR Power.” Securities on the Stock Exchange of Hong Kong Limited issued by the Stock Exchange We have engaged an independent of Hong Kong Limited (“HKEx” ) third party to provide assurance of 16 • Sustainability Reporting Guidelines of the performance indicators in this Report. Global Reporting Initiative (GRI Standards) See pages 4-5 for the Assurance Report. • Guidelines on Corporate Social Responsibility Reporting for Chinese Enterprises (CASS-CSR4.0) – Basic Framework of the Chinese Academy of Social Sciences • Guidelines on Corporate Social Responsibility Reporting for Chinese Enterprises - Power Production Industry (CASS-CSR3.0) • Guidelines to the State-Owned Enterprises Directly
    [Show full text]
  • China Ming Yang Wind Power Group Limited (Exact Name of Registrant As Specified in Its Charter)
    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2013 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-34866 China Ming Yang Wind Power Group Limited (Exact name of Registrant as specified in its charter) N/A (Translation of Registrant’s name into English) Cayman Islands (Jurisdiction of incorporation or organization) Jianye Road, Mingyang Industry Park National Hi-Tech Industrial Development Zone Zhongshan, Guangdong 528437 People’s Republic of China (Address of principal executive offices) Calvin Lau Chief Financial Officer Jianye Road, Mingyang Industry Park National Hi-Tech Industrial Development Zone Zhongshan, Guangdong 528437 People’s Republic of China Tel: (86) 760-2813-8666 Fax: (86) 760-2813-8709 E-mail: [email protected] (Name, telephone, e-mail and/or facsimile number and address of company contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Ordinary shares, par value $0.001 per share * New York Stock Exchange * * Not for trading, but only in connection with the listing of American depositary shares (“ADSs”) on the New York Stock Exchange.
    [Show full text]
  • Xinte Energy Co., Ltd. (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) Stock Code : 1799 Xin T E Ene R G Y Co
    Xinte Energy Co., Ltd. (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock code : 1799 Xin t e Ene r g y Co. , Ltd. Xinte Energy Co., Ltd. 2018 Annual Report 2018 Annual Report Contents Corporate Profi le 2 Defi nitions 4 Major Events in 2018 8 Financial Summary 11 Chairman’s Statement 13 Management Discussion and Analysis 15 Profi le of Directors, Supervisors and Senior Management 36 Report of the Board of Directors 42 Report of Supervisory Board 71 Corporate Governance Report 73 Independent Auditor’s Report 98 Consolidated Balance Sheet 104 Consolidated Statement of Comprehensive Income 106 Consolidated Statement of Changes in Equity 107 Consolidated Statement of Cash Flows 108 Notes to the Consolidated Financial Statements 109 2 XINTE ENERGY CO., LTD. Corporate Profi le DIRECTORS AUDIT COMMITTEE Executive Directors Mr. Wong, Yui Keung Marcellus (Chairman) Mr. Zhang Jianxin (Chairman) Mr. Yang Deren Mr. Yin Bo Mr. Qin Haiyan Mr. Ma Xuping(1) Mr. Tao Tao(3) Mr. Xia Jinjing(2) Mr. Lin Chengfei(4) Ms. Guo Junxiang Non-executive Directors Mr. Zhang Xin NOMINATION COMMITTEE Ms. Guo Junxiang Mr. Qin Haiyan (Chairman) Mr. Tao Tao(3) Mr. Yang Deren Mr. Lin Chengfei(4) Mr. Yin Bo Mr. Wong, Yui Keung Marcellus Independent Non-executive Directors Mr. Zhang Xin Mr. Qin Haiyan Mr. Yang Deren REMUNERATION AND ASSESSMENT COMMITTEE Mr. Wong, Yui Keung Marcellus Mr. Yang Deren (Chairman) Mr. Qin Haiyan SUPERVISORS Mr. Ma Xuping(1) Mr. Chen Qijun (Chairman) Mr. Xia Jinjing(2) Ms. Wu Wei(5) Mr. Wong, Yui Keung Marcellus Mr.
    [Show full text]
  • EWG 19 13A Anx 2 Confirmed Attendees
    No. Name Company Name Title Email Phone Address Gender Role Senior Management & 626 Cochrans Mill Road P.O.Box 10940 1 Scott Smouse US DOE;APEC EGCFE [email protected] Male Speaker Technical Advisor OV 202 5866278 Pittsburgh,PA 15236-0940 Andrew 2 (IEA) Clean Coal Centre General Manager Andrew.Minchener@iea- Park House 14 Northfields London SW18 IDD UK Male Speaker Minchener coal.org 44 20 88776280 5th Floor, Heddon House, 149-151 Regent Street, 3 Benjamin Sporton World Coal Association(London) Acting Chief Executive Male Speaker [email protected] 44 2078510052 London, W1B 4JD, UK 3F Daiwa Nishi-shimbashi Building 3-2-1 Nishi- 4 Keiji Makino Japan coal energy center Professor Male Speaker [email protected] 8 13 64026101 Shimbashi, Minato-ku, Tokyo 105-0003 Japan 1300 West W. T. Harris Blvd, Charlotte, NC 5 Jeffrey N. Phillips EPRI Sr. Program Mgr Male Speaker [email protected] 1 704 9414188 28262, USA 26th Floor FFC No.5 North 3rd Ring Road, 6 Murray Mortson Airbone President m.mortson@airbornecleanen Male Speaker ergy.com 86 13466688305 Chaoyang District, Beijing 26th Floor FFC No.5 North 4rd Ring Road, 7 Michael Zhao Airbone CEO Male Participant [email protected] 86 13910538135 Chaoyang District, Beijing Forest Power & Energy Holdings, 2nd Floor No 7 Building YuquanHuigu No 3 8 Croll Xue Vice-president Male Participant Inc. [email protected] 86 13321156701 Minzhuang Road Haidian District Beijing Forest Power & Energy Holdings, 2nd Floor No 7 Building YuquanHuigu No 3 9 Mingtao Zhu Senior manager Male Participant Inc. [email protected] 86 13901383638 Minzhuang Road Haidian District Beijing 10 Daming Yang CARE-Gen, LLC.(GP Strategies) President Male Speaker [email protected] 86 18515099980 Shijingshan District, Beijing Rm K-M, 7/F, Tower A, The East Gate Plaza, #9 11 Xiaoliang Yang World Resources Institute Research Analyst Male Participant [email protected] 86 18510568512 Dongzhong Street, Beijing, China, 100027 Manager (Energy & Hongkong Electric Centre, 44 Kennedy Road, 12 Mr.
    [Show full text]
  • SPDR® FTSE® Greater China ETF a Sub-Fund of the SPDR® Etfs Stock Code: 3073 Website
    SPDR® FTSE® Greater China ETF A Sub-Fund of the SPDR® ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_EN.html Interim Report 2021 1st October 2020 to 31st March 2021 SPDR® FTSE® Greater China ETF A Sub-Fund of the SPDR® ETFs Stock Code: 3073 Website: www.spdrs.com.hk/etf/fund/fund_detail_3073_EN.html Interim Report 2021 Contents Page Condensed Statement of Financial Position (Unaudited) 2 Condensed Statement of Comprehensive Income (Unaudited) 3 Condensed Statement of Changes in Equity (Unaudited) 4 Condensed Statement of Cash Flows (Unaudited) 5 Notes to the Unaudited Condensed Financial Statements 6 Investment Portfolio (Unaudited) 10 Statement of Movements in Portfolio Holdings (Unaudited) 41 Derivative Financial Instruments (Unaudited) 42 Performance Record (Unaudited) 42 Administration and Management 43 1 SPDR® FTSE® Greater China ETF a Sub-Fund of the SPDR® ETFs Interim Report 2021 CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED) As at 31st March 2021 31.03.2021 30.09.2020 Notes HK$ HK$ Assets Current assets Investments 1,385,908,557 969,438,426 Derivative financial instruments 54,331 47,229 Amounts due from brokers – 1,529,953 Dividends receivable 994,452 1,771,941 Other receivables 6(i) 122,017 347,255 Margin deposits 104,721 1,032,223 Cash at bank 6(f) 3,100,556 2,423,717 Total Assets 1,390,284,634 976,590,744 Liabilities Current liabilities Derivative financial instruments – 14 Amounts due to brokers – 1,500,560 Audit fee payable 154,612 309,225 Trustee fee payable 6(e) 382,474 270,773 Management fee payable 6(d) 684,377 481,283 Tax provision 156,265 214,282 Total Liabilities 1,377,728 2,776,137 Equity Net assets attributable to unitholders 4 1,388,906,906 973,814,607 The notes on pages 6 to 9 form part of these financial statements.
    [Show full text]
  • Achtergrond Bedrijvenlijst Klimaatlabel
    Achtergrond bedrijvenlijst klimaatlabel Olie- en gasbedrijven We kijken naar investeringen in olie- en gasbedrijven die opgenomen zijn in de Carbon Underground ranking. Dit zijn beursgenoteerde bedrijven met de grootste koolstofinhoud in hun bewezen voorraden – die dus het sterkst bijdragen aan klimaatverandering bij ontginning van de voorraden waarop ze rekenen. Zie http://fossilfreeindexes.Com Anadarko Petroleum Antero Resources Apache ARC Resources BASF Bashneft BHP Billiton Birchcliff Energy BP Cabot Oil & Gas California Resources Canadian Natural Resources Cenovus Energy Centrica Chesapeake Energy Chevron China Petroleum & Chemical Corp Cimarex Energy CNOOC Concho Resources ConocoPhillips CONSOL Energy Continental Resources Crescent Point Energy Denbury Resources Det Norske Devon Energy DNO International Ecopetrol Encana Energen ENI EOG Resources EP Energy EQT ExxonMobil Freeport-McMoRan Galp Energia Gazprom GDF SUEZ Great Eastern Gulfport Energy Hess Husky Energy Imperial Oil Inpex JX Holdings KazMunaiGas EP Linn Energy Lukoil Lundin Petroleum Maersk Marathon Oil MEG Energy Memorial Resource Mitsui MOL Murphy Oil National Fuel Gas Newfield Exploration Noble Energy Novatek Oando Energy Occidental Oil India Oil Search OMV ONGC - Oil & Natural Gas Corp Ltd (India) Painted Pony Petroleum PDC Energy Petrobras PetroChina Peyto E&D Pioneer Natural Resources Polish Oil & Gas (Polskie Gornictwo, Gazownictwo) PTT QEP Resources Range Resources Repsol Rosneft Royal Dutch Shell SandRidge Energy Santos Sasol Seven Generations Energy SK Innovation
    [Show full text]
  • Exclusion List Companies 08-08-2021
    Exclusion list companies 08-08-2021 Name Country Reason for exclusion 22nd Century Group Inc United States Tobacco Aboitiz Power Corporation Philipines Coal Adani Power Limited India Coal Aerojet Rocketdyne Holdings, Inc. United States Weapons AES Gener S.A. Chili Coal Agritrade Resources Limited Bermuda Coal Airbus SE France Weapons Albioma France Coal Al-Eqbal Investment Co PLC Jordan Tobacco Altria Group Inc United States Tobacco Ameren Corporation United States Coal An Hui Wenergy Company Limited China Coal Anhui Great Wall Military Indu China Weapons Anhui Hengyuan Coal-Electricity Group Co., Ltd. China Coal Arch Resources, Inc. United States Coal Arko Corp United States Tobacco Athabasca Oil Corporation Canada Tar Sand Babcock International Group PL Britain Weapons Badeco Adria JSC Sarajevo Bosnia-Herze. Tobacco BAE Systems PLC Britain Weapons Banpu Power Public Company Limited Thailand Coal Banpu Public Company Limited Thailand Coal Beijing Haohua Energy Resource Co., Ltd. China Coal Beijing Jingneng Power Co., Ltd. China Coal Bentoel Internasional Investam Indonesia Tobacco Bharat Dynamics Ltd India Weapons Boeing Co/The United States Weapons British American Tobacco Bangl Bangladesh Tobacco British American Tobacco Kenya Kenya Tobacco British American Tobacco Malay Malaysia Tobacco British American Tobacco PLC Britain Tobacco British American Tobacco Ugand Uganda Tobacco British American Tobacco Zambi Zambia Tobacco British American Tobacco Zimba Zimbabwe Tobacco Bulgartabac Holding AD Bulgaria Tobacco BWX Technologies Inc United
    [Show full text]
  • China's Energy Sector
    China’s Energy Sector: A clearer view INDUSTRIAL MARKETS 1 China’s Energy Sector: A clearer view Contents 2 Introduction 4 Upstream oil and gas: Focus on performance and efficiencies 8 Oil and gas infrastructure: Redrawing the map 12 The coal sector: Bedrock of the economy 16 Power generation: The balancing act 20 Renewable energy: Winds of change 24 Conclusions 26 About KPMG 27 Contact us © 2009 KPMG, a Hong Kong partnership and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International, a Swiss cooperative. All rights reserved. 2 China’s Energy Sector: A clearer view Introduction Peter Fung Partner in Charge Industrial Markets KPMG China The growing sophistication of China’s industrial base and the rising power of domestic consumers are critical factors shaping China’s energy needs. As China’s export markets weaken, domestic consumption is becoming a more critical driver of growth. No other economy in history has developed under the kind of international scrutiny that China faces today. In particular, this scrutiny has focused on the country’s environmental record and its global ambitions to secure energy and natural resources. As many as 350 million additional people are expected to inhabit China’s cities in the coming decades1 and this will require extensive investments in the energy sector. China, like the United States, Britain and Germany, has relied on coal to generate the power it needs to drive its economic growth. But as this report shows, China is diversifying its energy sources by adopting renewable energies and applying clean-burning technologies to coal-fired power plants.
    [Show full text]
  • China Wind and Solar
    China Utilities 11 July 2019 China Wind and Solar Prefer upstream product makers to downstream project operators We expect wind and solar product demand to be supported by robust installations over 2019-21E Dennis Ip, CFA Downstream project operators continue to be impacted by worsening (852) 2848 4068 cash flow resulting from delays in collecting subsidies [email protected] Anna Lu, CFA We prefer the manufacturers of upstream wind and solar products (852) 2848 4465 (positive) to downstream project operators (negative) [email protected] See important disclosures, including any required research certifications, beginning on page 105 China Wind and Solar: 11 July 2019 Table of contents 2019-21 summary: prefer renewable upstream product makers to downstream project operators .................................................................................................... 5 Grid and retail parity in sight ................................................................................. 10 Wind equipment: to benefit from rush installations in 2019-21 .......................... 17 Wind IPP: worsening cash flows in 2019-21E ...................................................... 21 Solar product: be selective among segments ..................................................... 25 Solar farm operators: distressed cash flow with liquidity risk ........................... 54 Stock calls ............................................................................................................... 59 Risks to our Neutral sector
    [Show full text]
  • Reducing China's Coal Power Emissions with CCUS
    REDUCING CHINA’S COAL POWER EMISSIONS WITH CCUS RETROFITS TOBY LOCKWOOD (IEA CLEAN COAL CENTRE) Additional contributors: Paul Baruya, IEA Clean Coal Centre Andrew Minchener, IEA Clean Coal Centre CIAB Working Group: Mick Buffier, Glencore Holly Krutka, Peabody Liam McHugh, World Coal Association Peter Morris, Minerals Council of Australia Nikki Fisher, Anglo American Skip Stephens, Komatsu Han Xu, China Energy Karl Bindemann, Coal Industry Advisory Board 2 IEA CLEAN COAL CENTR E – REDUCING CHINA’S COA L POWER EMISSIONS WI TH CCUS RETROFITS Acknowledgements: Anthony Ku, National Institute of Clean-and-Low-Carbon Energy Xu Bin, National Institute of Clean-and-Low-Carbon Energy Surinder Singh, National Institute of Clean-and-Low-Carbon Energy Zhao Rui, Shenhua Guohua (China Energy) Ma Xiangshan, Global CCS Institute (China) Liang Xi, UK-China (Guangdong) CCUS Institute Sun Rui, Electric Power Planning and Engineering Institute Li Wenkai, Electric Power Planning and Engineering Institute Gao Shiwang, Huaneng Clean Energy Research Institute Yang Xiaoliang, World Resources Institute Mao Jiangxiong, Tsinghua University Pan Li, China Electricity Council David Elzinga, Asian Development Bank Li Qiming, Dunhua Oil 2 IEA CLEAN COAL CENTR E – REDUCING CHINA’S COA L POWER EMISSIONS WI TH CCUS RETROFITS PREFACE This report has been produced by the IEA Clean Coal Centre for the Coal Industry Advisory Board. It is based on a survey and analysis of published literature, and on information gathered in discussions with interested organisations and individuals. Their assistance is gratefully acknowledged. It should be understood that the views expressed in this report are our own, and are not necessarily shared by those who supplied the information, nor by our member organisations.
    [Show full text]