Fresh Doubts on Viability of Galilee Basin Becoming a Supplier of Coal to India

first_img FacebookTwitterLinkedInEmailPrint分享From World Coal:New analysis from the University of Queensland (UQ) has thrown into doubt the long-term viability of delivering Galilee Basin coal to India. According to UG Global Change Initiative Researcher, Lynette Molyneaux, the economic profile of many of India’s energy-poor states is unsuited to supporting coal-fired power.The research calculates the costs of supplying Galilee Basin coal to new coal-fired power plants in one such state – Bihar in northeast India on the border with Nepal. The costs included a percentage of the amount required to buy and develop the Abbot Point coal terminal, as well as projected costs to ship the coal to the Indian port of Paradip and then rail it from Paradip to Bihar. This was then compared to the costs involved in deploying a decentralised micro-grid in the same region.“We estimate it would cost about US$94/t to deliver Galilee Basin coal to Bihar,” said Molyneaux. “Overall, we found that it would cost about US$29 billion over 20 yr to supply even a modest amount of electricity to each household in Bihar.”“The elephant in the room for proponents of coal-fired power to relieve energy poverty for the rural, agrarian poor is that remote rural locations have little or no industry to underwrite the costs of electrification,” Molyneaux concluded. “Coal-fired power stations are not designed to run for just a few hours a night, which is what the 15.8 million households in Bihar need to light their homes and charge their mobile homes.”As an alternative model, Molyneaux points to the solar panels installed on people’s homes in Bangladesh, which have reduced the use of noxious fuels and provided employment for up to 100 000 people. The research – ‘Rural Electrification in India: Galilee Basin Coal versus Decentralised Renewable Energy Micro-Grids’ – is published in the April issue of Renewable Energy.The UQ research is by no means the only one to questions the Galilee Basin developments. More harmfully, the financial community has also raised questions over the commercial viability of projects in the Galilee Basin –which include Adani Mining’s Carmichael project and GVK Hancock’s Alpha and Kevin’s Corner projects.In August, Australia’s Commonwealth Bank resigned as the financial advisor to the Carmichael project as it was “finding it increasingly difficult to justify its involvement in a project which was both harmful to the environment and commercially infeasible,” according to a December 2015 note from BMI Research.This was a significant blow, according to BMI Research, which described the situation as “grim”. Without the support of an Australian bank, which foreign banks rely on to do the necessary due diligence and for on-the-ground knowledge and expertise, Adani is unlikely to be able to secure sufficient for the US$16.5 billion project: a briefing from the IEEFA’s Tim Buckley noted last September that the project was “increasingly unbankable” with fifteen of the world’s largest financial houses having either ceased or ruled out involvement.“The Carmichael project is far from financial close and the first commercial coal remains and remote prospect,” concluded Buckley. Similar problems face GVK Hancock, which is also yet to secure funding for its Galilee Basin projects.“The prospects for further coal production in Australia remains grim due to the environment of persistently low coal prices and the increased reliance of India and China on their domestic thermal coal production to fuel their thermal power plants,” concluded BMI Research, which expects the country’s production to reach 498 million t by 2019 – only slightly higher than the 481 million t forecast in 2016.Research continues to question financial viability of Galilee Basin coal projects Fresh Doubts on Viability of Galilee Basin Becoming a Supplier of Coal to Indialast_img read more

Danish pension funds win backing from TDC board for major telecoms bid

first_imgThe three Danish pension funds have equal stakes in the consortium, an ATP spokeswoman confirmed.Allan Polack, PFA’s group chief executive, said the TDC acquisition was a long-term investment in the development of essential Danish digital infrastructure, in which the consortium saw great potential.“All sectors of business are undergoing a digital transformation that will only take on speed in the coming years, and digital infrastructure is key in supporting this development,” he said.PFA is in the process of a big strategic push to boost its exposure to alternatives such as infrastructure, private equity and debt.Peter Damgaard Jensen, chief executive of PKA, said: “This consortium is the best future ownership of TDC, and I believe that the expertise within the consortium will develop and strengthen the quality of digital infrastructure across Denmark.”The takeover benefited the Danish people in general, he said, as well as PKA’s members with steady, long-term returns on the investment.Meanwhile, ATP’s chief executive Christian Hyldahl described the deal as “a sound long-term investment benefiting all stakeholders.”Arthur Rakowski, vice chairman of MIRA, said: “We are confident that our expertise, combined with local market insights and support from our partners will allow TDC to play a role in establishing Denmark as a digital leader.” Source: Uffe WengA 4G mast operated by TDCThe consortium said that under its strategy TDC’s entire fixed and mobile networks would become open for use by all telecommunications brands and retailers in Denmark, fostering increased competition that would benefit retail and business customers across Denmark.To do this, the consortium intends to split the company in two, creating a separately-managed business unit for the telecommunications networks, and leaving the existing business to concentrate solely on customer service, product development and content.No redundancies are envisaged, the consortium said.The offer represents an overall equity purchase price of around DKK40.3bn.Under the terms of the offer, TDC shareholders will be offered DKK50.25 per share in cash, subject to certain conditions, representing a 34.1% premium to TDC’s closing share price of DKK37.47 on 7 February, the consortium said.Since news that the consortium was targeting TDC broke last week, the company’s shares have risen to more than DKK49, according to data on the firm’s website.Apart from being conditional on the consortium getting shareholder acceptances representing more than two thirds of TDC share capital and voting rights of TDC, the bid also depends on TDC dismissing its own planned takeover of the broadcasting and entertainment business of Sweden’s Modern Times Group, announced only two weeks ago.Regulatory approval is also needed for the deal to go through. Three of Denmark’s largest pension funds are to take over the country’s former national telecommunications operator after a DKK40.3bn (€5.4bn) offer received backing from TDC’s management board.ATP, PFA and PKA are investing along with Macquarie Infrastructure and Real Assets (MIRA).Just days before, the consortium’s previous offer was rejected by the TDC Group’s board of directors as not being in the best interests of shareholders.Pierre Danon, TDC supervisory board member, said yesterday: “After careful review of our options, the board of directors of TDC believes that the consortium’s offer represents both the most compelling value and the highest transaction certainty benefiting the TDC shareholders.”last_img read more

Hesston Shaw

first_imgBOONE, Iowa – Hesston Shaw’s previous IMCA Speedway Motors Super Nationals fueled by Casey’s career highlight was starting on the pole for the Sunoco Race Fuels Race of Champions in 2016. He raced his way up to fourth by lap seven and to third before a series of cautions near midway. Sooner State speedster Hesston Shaw made history when he qualified for the Stock Car main event at the IMCA Speedway Motors Super Nationals fueled by Casey’s Thursday night. (IMCA Photo) Needless to say, the superlatives flowed following post-race tech.  “It was hard not to pay attention to the leader board,” said Shaw, who had tough customer Cayden Carter moving up from 16th starting behind him. “The longer the green flag runs were going, the better my car was.”center_img “I still can’t believe I did it. This is a huge deal,” said Shaw, who pretty much grew up at the track. “Making the show is a dream come true. I’ve got goose bumps just thinking about it.” Shaw, from Hennessey, became the first driver from Oklahoma to qualify for the Stock Car Big Dance when he ran third in his qualifying feature. The Longdale Speedway regular put the Baird Motorsports ride, a former Mike Nichols car purchased over the winter, in the show after starting eighth. He topped that and then some Thursday night.last_img read more