Australia’s emissions trading scheme worth $11bn in three years
Australia’s emissions trading scheme could be worth $11bn within three years, a carbon market analyst says.
Point Carbon said it believed the scheme would involve a “relatively lenient cap” equivalent to a 2-6 per cent cut in emissions during its initial phase between 2010 and 2013.
It estimated that pollution permits to be released by the Federal Government during that time would be worth about $10.4bn, based on a five per cent cut in emissions and current average market prices of $19 a tonne.
“Taking the same cap and assuming a level of trading in line with growth seen in the EU ETS, the value of traded credits could reach $11bn within three years of operation,” it said.
Under the plan, big emitters will have to buy “permits to pollute”, which they can then trade between themselves, allowing the market to set the price.
Big emitters who export much of their product like aluminium smelters will be all but exempt from emissions trading initially. They will be given free “permits to pollute” covering 90 per cent of emissions.
In all, 20 per cent of the scheme’s permits will be given out for free, rising to 30 per cent once agriculture is included.
Pakistan determined to attract moreinvestment in power sector
Pakistan’s Minister for Water and Power, Raja Pervez Ashraf, has said that the present government is fully determined to streamline the system in order to provide a simplified procedure for investors.
Ashraf has directed the Private Power Infrastructure Board (PPIB) to remove all bottlenecks to facilitate investment in the power sector while chairing a high level meeting to review the procedure of biddings for 1200 MW power projects on a fast-track basis.
Pakistan is committed to end load shedding by 2009. Some 6 GW of extra power capacity is to be added to the national grid by end-2009.
Bangladesh’s PDB fails to install 90 MW Fenchuganj plant on schedule
Bangladesh’s state-owned power company PDB has failed to install a 90 MW power plant at Fenchuganj in Sylhet on time.
The $85m project, having three generation units, 2 simple cycles and 1 combined cycle, was supposed to be installed by October 2007. Chinese contractor, Harbin Power Engineering, brought all the equipment in the country last year and moved to install those at the project site, but PDB and Harbin clashed over the payment of tax and customs duties on the imported equipment.
The plant is now nine months behind the schedule and officials apprehend further delays.
Battelle working with Japanese companies on carbon capture
A consortium of Japanese firms will work with US-based Battelle Energy Technology to help it develop carbon capture and storage (CCS) technology.
The US R&D firm said it had signed on to work with Japan CCS Company. The consortium is a group of 25 companies – more than half are power or petroleum businesses – looking to move CCS technology beyond the research phase.
T.R. Massey, a Battelle spokesman, declined to disclose financial terms of the consulting deal.
The technology the Japanese companies are working to develop involves capturing CO2 from its source, typically a coal-burning power plant, and injecting it below ground. The Japanese government has called for major CO2 emission cuts, aiming to reduce output by 60 to 80 per cent, Battelle said.
Philippines mulls revival of nuclear power plant
The Philippines has invited International Atomic Energy Agency (IAEA) experts to organize a multi-disciplinary and independent fact-finding and safety assessment mission to check if its Bataan Nuclear Power Plant (BNPP) can be used as an alternative to generate energy.
The IAEA mission was to help determine whether BNPP-1 could be rehabilitated to generate power and to find out the corresponding technical, budgetary and safety requirements needed, the statement said.
The Philippine Department of Energy has received the final IAEA Mission Report and is now carefully reviewing it, the statement said.
The BNPP power plant is a complete pressurized water reactor that was mothballed in 1986.
AES boosts wind capacity in China
AES is to increase its China-based wind power operations with two new agreements with Beijing’s Guohua Energy Investment.
AES said the deals would boost its wind capacity in China to approximately 150 MW. AES has also reached an agreement with Guohua to proceed with construction of phase II of their jointly-owned Huanghua wind project in Hebei.
Bangladesh: The Asian Development Bank will provide $165m to the country’s private sector leading arm Infastructure Development Company to finance installation of power plants.
Bangladesh: Malaysian conglomerate Sumatec has proposed to establish a 1600 MW coal fired plant on a BOOT basis. UK’s Asia Energy and Korea’s Luxon Global have also offered to invest in the country’s power sector.
China: The world’s largest thermal power supplying combined-cycle gas turbine unit at the Taiyanggong Power Plant in Beijing is operational.The 800 MW installed unit can reach 58 per cent in non-thermal power supplying period.
India: Uttarakhand chief minister BC Khanduri has reiterated his desire to press ahead with plans to utilize the state’s 40 GW hydropower resources, despite the strong environmental protest of late.
India: Emerson Process Management has been selected by NTPC to modernize obsolete controls at the Tanda Thermal Power Station, a 4 x 110 MW plant located in Uttar Pradesh, India.
Nepal: Butwal Power and Ace Development Bank will develop the $78m, 42 MW Marshyangdi III run-of-river hydroelectric Project in Tarkughat, Lamjung.
Pakistan: The installed capacity of Pakistan Electric Power Company (PEPCO) is to increase from the current level of 17 834 MW to 20 085 MW by end-2009 and further to 24 812 MW by end-2012.
Pakistan: Construction work has begun on a 150 MW power plant on MR Link Canal near Saahowala, Sambrial, to be finished by January 2009.
Philippines: Geothermal energy developer Envent has signed a contract for Biliran Island in Leyte, estimated to have a potential resource of 100 MW.
Vietnam: A hydroelectric power plant will be built in central Quang Ngai province. The 125 MW plant will be built at a total cost of 3 trillion VND ($180m) and its first turbine is expected to start operation by the end of 2012.