Articles filed under General from Asia
Huaneng Renewables, the wind power subsidiary of China's leading power producer，China Huaneng Group, pulled its December 16 Hong Kong IPO plan because of insufficient investor support to reach the minimum subscription, and this shows investors are losing enthusiasm for China's wind farms.
Judging by the din at its factory here one recent day, the Spanish company Gamesa may seem to be a thriving player in the Chinese wind energy industry it helped create. But Gamesa has learned the hard way, as other foreign manufacturers have, that competing for China’s lucrative business means playing by strict house rules that are often stacked in Beijing’s favor.
Huaneng Renewables Corp, which holds among China's largest wind assets, pulled its up to $1.28 billion initial public offering as a stalemate at the U.N. climate talks and a weak Hong Kong market hurt investor appetite.
The wind-power boom on the mainland in recent years had left behind quality "time bombs" that could blow up the industry's long-term growth. Some turbines installed three or four years ago have already begun to show signs of ageing, with issues ranging from oil leaks and gearbox malfunctions to blades snapping, Gao said. They were supposed to last for a decade with little maintenance.
The poor performance comes as Asian governments are pumping vast amounts -- spending exceeded $39 billion in 2009, with China accounting for the bulk of that -- into renewable energy and other environment-related projects. It may mean that companies in the business will find it harder to attract new capital. A third of the 20 worst-performing Japanese funds this year are green funds.
Orient Green Power (OGPL) has ambitious plans to grow in the renewable energy industry in India. With huge unmet power demand in the country and fiscal incentives in place, the scope to grow is immense. However, the company is suffering from losses and is overly dependent on its parent group companies. Also, wind and biomass power plants have their own risks.
Mr. Vasudevan's inquiry also found the involvement of some officials of the Attappady Hill Area Development Society (AHADS) in the fraud. They had supplied the survey map records and bought tribal land and sold it to windmill companies at huge profits, the report says. He found that in six cases, the land was registered merely on the strength of tax receipts and without proper documents. This was possible only with the connivance of the Sub-Registrar of Agali. The RDO has recommended action against the official.
Xinjiang Goldwind Science & Technology Co. shelved a plan to raise as much as HK$9.09 billion ($1.2 billion) in a share sale in Hong Kong, citing poor market conditions. The Chinese wind-turbine maker won't proceed "in light of the deterioration in market conditions and recent unexpected and excessive market volatility," Goldwind said
Although China has abundant inland and offshore wind energy resources and great momentum for growth in its wind power generation industry, this industry faces serious challenges. China has not mastered the core technologies of wind power generation, and there are still many other problems badly in need of solutions.
Vast wind farms have sprung up in the Gobi Desert. But in the bid to hit renewable targets, financial risks have been ignored, says Lu Zhenhua, winner of the "biggest impact" category in the China Environmental Press Awards. ...concerns about a national wind bubble are mounting. The losses visible in financial reports from Jiuquan's emerging wind-power network prove that, without state assistance or more preferential policies, limitless winds do not translate into limitless profits.
A senior government panel has drafted a plan calling for the establishment by 2020 of massive offshore wind farms capable of producing at least 1,000 megawatts of power, equivalent to the output of roughly 10 nuclear power plants, a source said Saturday.
After years of getting government incentives to install windmills, operators in Europe may have become their own worst enemy, reducing the total price paid for electricity in Germany, Europe's biggest power market, by as much as 5 billion euros some years, according to a study this week by Poeyry, a Helsinki-based industry consultant. ..."Wind is playing an important role in spot-price volatility because it's very difficult to predict when more power is coming on line," said Ruxandra Haradau-Doeser, an analyst at Bankhaus Metzler in Frankfurt.
The Maharashtra government will probe land deals by companies and individuals, who have set up windmills in various districts, following complaints that many of these transactions were illegal. The government has received complaints that land on which many of these windmills stand was bought at throwaway prices. Among those who have invested money in this sector are multinational companies and Bollywood actors.
Environmentalists worldwide have praised China as a leading harnesser of the wind for electricity, but a vice-minister says most of the ventures in the country were "vanity projects" - all for show. Miao Wei , of the Ministry of Industry and Information Technology, also said on Sunday that one particular project that is backed by the country's top economic planner would have a "fatal result" in five years because of the sand that came with the dry wind.
"The overcapacity in manufacturing is caused by slower growth in wind-farm construction due to power-grid constraints," Dave Dai, an analyst with CLSA Asia Pacific Markets, said by telephone from Hong Kong. "The issues with the grid aren't expected to ease in the near term but should improve with the development of smart-grid investment over time."
China must strictly control the expansion of wind power equipment manufacturing and strengthen its testing and certification work to maintain the healthy development of its wind turbine manufacturing industry, said Shi Lishan, an official with the National Energy Administration, on Wednesday.
In Jiuquan, new coal-fired power plants with 13.6 million kilowatts of installed capacity - the same amount of energy generated by Chile in 2009 - will be added by 2020. The need to add baseload coal-fired power plants has the effect of reducing the clean benefits of wind power. But the local economic planner, Wang Jianxin, chairman of the Jiuquan Development and Reform Commission, says adding more polluting coal-fired power plants is unavoidable if you want to be green. "There's no such thing as a free lunch."
A United Nations climate panel on Friday blocked carbon financing for around 10 Chinese wind farms over concerns about whether they are financially viable without receiving carbon offsets, the panel said. ...The panel's decision on the Chinese wind farms could have serious implications for billions of dollars' worth of wind farm investment in China. The panel said it lacked sufficient information in support of the projects' claims of making additional emissions cuts.
China has received millions of dollars through the CDM, which allows industrialized economies to meet commitments to cut greenhouse gas emissions by paying developing countries to curb their own instead. But environmentalists say some Chinese wind and hydropower projects improperly receive foreign money while failing to show they would not be built anyway, a requirement known as "additionality."
Madakaripura villager Basavaraj's happiness knew no bounds when huge blades were transported to the top of a nearby hillock in 1997. It was here in Chitradurga district that Jindal Aluminium installed the district's first wind turbine generator (WTG). ...But, hopes for a brighter future faded. "Now, the fans are there, the blades are making a racket. The view from my village has changed, but nothing more," he says. The villagers continue using kerosene lamps at night.