• Теги
    • избранные теги
    • Компании30
      • Показать ещё
      Страны / Регионы11
      • Показать ещё
      Издания1
      Разное11
      • Показать ещё
07 июня 2016, 09:06

В Чили так много энергии, что потребители получают ее бесплатно (Это очень хорошо для потребителей, но плохо для поставщиков энергии)

Цена на электроэнергию в Чили 113 дней подряд в этом году падали до нуля в определенный момент. Дело том, что в Чили работают мощные солнечные электростанции, поставляющие энергию с избытком. Солнечных дней в этой стране много, и станции вырабатывают большое количество энергии. Настолько большое, что девать ее уже просто некуда. Поэтому потребители получают электроэнергию бесплатно. Для Чили это не в новинку. В прошлом году была аналогичная ситуация, когда цены на энергию держались на нулевой отметке 192 дня. В этом году рекорд, скорее всего, будет побит. Местные жители и владельцы энергоемких предприятий, конечно, рады. Но все не так радужно, как может показаться - у бесплатной энергии есть и отрицательная сторона. Дело в том, что энергетические компании в Чили принадлежат частному бизнесу, который сейчас не получает ни прибыли, ни дохода. А ведь поддержание энергетической инфраструктуры в рабочем состоянии требует денег. Кроме того, представителям энергетического сектора нужно где-то получить деньги для строительства новых объектов, которые будут заменять старые станции. Ранее производственный бум в Чили привел к значительному повышению потребности страны в энергии. Частный бизнес пришел на помощь: различные компании построили 29 солнечных ферм, и еще 15 запланировано. Строительство энергостанций производилось с расчетом на продолжение экономического роста. Но сейчас во всем мире рост экономики замедляется, а Чили уже не нужно столько энергии, сколько вырабатывают станции. Больше всего энергии потребляла медная промышленность страны, и после того, как спрос на медь упал, производственные объекты уже не в состоянии потреблять столько энергии, сколько раньше. Инвесторы же теряют деньги. К примеру, компания Acciona SA инвестировала $343 млн в проект строительства 247-мегагваттной станции. По плану, это крупнейшая такая станция во всей Латинской Америке. Деньги вложены, но будет ли получена прибыль, или хотя бы возвращены средства? Руководитель компании уже не слишком в этом уверен. Проблемная инфраструктура Крупнейшей проблемой для энергетической инфраструктуры страны является то, что вся энергосистема разделена на две части: центральную и северную. Обе части не связаны друг с другом. Экс-глава сектора возобновляемой энергии Карлос Барриа (Carlos Barria) утверждает, что если в одной части переизбыток энергии, а в другой требуется больше энергии, ничего сделать нельзя. Сейчас ситуацию планируют исправить, но на это потребуется время. Для того, чтобы соединить обе части энергетической системы страны, требуется построить линию электропередачи длиной в 3000 километров. Такую линию уже начинают строить, но проект может быть завершен только к 2017 году. Кроме того, будет построена еще одна линия длиной в 753 километра, для того, чтобы улучшить связность северной энергетической системы. Солнечные энергостанции Мощности солнечных энергостанций Чили постоянно растут, а количество таких объектов продолжает увеличиваться. С 2013 года мощность всей "солнечной" энергосистемы страны увеличилась в четыре раза, вплоть до 770 МВт. Наибольший рост наблюдается именно в северных секциях энергосистемы, регионе Атакама, являющийся центром производства и обработки меди в стране. Только за прошлый год общая увеличенная мощность увеличилась на 5%. Около 50% поставок энергии обеспечивают солнечные фермы. В этом году планируется построить дополнительные мощности - реализация этих проектов началась еще в прошлом году, так что строительство останавливать не будут. Тем не менее, в том же регионе Атакама средняя цена мегаватта опустилась до $60. Это меньше тех $70 за мегаватт, за которые обязались поставлять энергию компании, выигравшие долгосрочные аукционы в Чили. Такая ситуация негативно влияет на развитие энергетического сектора страны в долгосрочной перспективе. Да, сейчас все хорошо, и строительство продолжается. Но в ближайшем будущем инвесторы просто прекратят вкладывать средства в энергетические объекты Чили. Уже сейчас некоторые компании отказываются продолжать финансирование ряда проектов, в дальнейшем ситуация может только усугубиться. По словам представителей энергетических компаний страны, ситуация с ценами стала почти неконтролируемой из-за слишком бурного развития альтернативной энергетики. "Быстрое развитие альтернативной энергетики стало для нас сюрпризом, и мы должны реагировать быстро", - сказал Сальваторе Бернабеи (Salvatore Bernabei), глава Enel Green Power SpA. Пока же проблема не решена, низкие (нулевые) цены на электричество будут негативным образом сказываться на деятельности энергокомпаний. А что в Европе? Для Европы такая ситуация тоже не является удивительной. В Германии потребителям энергии в иные дни даже платят за использование электричества. Так, 8 мая, в воскресенье, Германия побила новый рекорд в генерации энергии из возобновляемых источников. Благодаря солнечной и одновременно ветреной погоде совокупное производство энергии солнечными, ветро, гидро и биоэнергостанциями составило около 55 ГВт. Всего же в стране в этот день было потреблено 63 ГВт энергии. Таким образом, доля возобновляемых источников составила около 87%. На несколько часов цены ушли в минус, что означает выплаты потребителям энергии. Правда, в Европе энергетическим компаниям немного проще справляться с такими ценами. Производители "зеленой" энергии оказываются в плюсе даже при минусовых ценах - здесь следует учитывать субсидии на производство чистой энергии. Проблема еще в том, что зачастую излишки энергии девать просто некуда - "экспортные" линии могут оказаться слишком "узкими", а отправлять энергию куда-то нужно. Поэтому производители энергии рады избавиться от излишков даже с учетом доплаты. А вообще, если брать средний показатель, солнечная электроэнергия подешевела на 50% за последние 16 месяцев. Надо думать, субсидировать "зеленых" энергетиков в скором времени перестанут, и тогда начнется уже реальная конкуренция между "альтернативщиками" и "классиками". Речь, конечно, об энергетических компаниях, производящих энергию различными методами, а не о музыкантах. geektimes.ru/post/276794/(http://www.bloomberg.com/...)

07 июня 2016, 09:06

В Чили так много энергии, что потребители получают ее бесплатно (Это очень хорошо для потребителей, но плохо для поставщиков энергии)

Цена на электроэнергию в Чили 113 дней подряд в этом году падали до нуля в определенный момент. Дело том, что в Чили работают мощные солнечные электростанции, поставляющие энергию с избытком. Солнечных дней в этой стране много, и станции вырабатывают большое количество энергии. Настолько большое, что девать ее уже просто некуда. Поэтому потребители получают электроэнергию бесплатно. Для Чили это не в новинку. В прошлом году была аналогичная ситуация, когда цены на энергию держались на нулевой отметке 192 дня. В этом году рекорд, скорее всего, будет побит. Местные жители и владельцы энергоемких предприятий, конечно, рады. Но все не так радужно, как может показаться - у бесплатной энергии есть и отрицательная сторона. Дело в том, что энергетические компании в Чили принадлежат частному бизнесу, который сейчас не получает ни прибыли, ни дохода. А ведь поддержание энергетической инфраструктуры в рабочем состоянии требует денег. Кроме того, представителям энергетического сектора нужно где-то получить деньги для строительства новых объектов, которые будут заменять старые станции. Ранее производственный бум в Чили привел к значительному повышению потребности страны в энергии. Частный бизнес пришел на помощь: различные компании построили 29 солнечных ферм, и еще 15 запланировано. Строительство энергостанций производилось с расчетом на продолжение экономического роста. Но сейчас во всем мире рост экономики замедляется, а Чили уже не нужно столько энергии, сколько вырабатывают станции. Больше всего энергии потребляла медная промышленность страны, и после того, как спрос на медь упал, производственные объекты уже не в состоянии потреблять столько энергии, сколько раньше. Инвесторы же теряют деньги. К примеру, компания Acciona SA инвестировала $343 млн в проект строительства 247-мегагваттной станции. По плану, это крупнейшая такая станция во всей Латинской Америке. Деньги вложены, но будет ли получена прибыль, или хотя бы возвращены средства? Руководитель компании уже не слишком в этом уверен. Проблемная инфраструктура Крупнейшей проблемой для энергетической инфраструктуры страны является то, что вся энергосистема разделена на две части: центральную и северную. Обе части не связаны друг с другом. Экс-глава сектора возобновляемой энергии Карлос Барриа (Carlos Barria) утверждает, что если в одной части переизбыток энергии, а в другой требуется больше энергии, ничего сделать нельзя. Сейчас ситуацию планируют исправить, но на это потребуется время. Для того, чтобы соединить обе части энергетической системы страны, требуется построить линию электропередачи длиной в 3000 километров. Такую линию уже начинают строить, но проект может быть завершен только к 2017 году. Кроме того, будет построена еще одна линия длиной в 753 километра, для того, чтобы улучшить связность северной энергетической системы. Солнечные энергостанции Мощности солнечных энергостанций Чили постоянно растут, а количество таких объектов продолжает увеличиваться. С 2013 года мощность всей "солнечной" энергосистемы страны увеличилась в четыре раза, вплоть до 770 МВт. Наибольший рост наблюдается именно в северных секциях энергосистемы, регионе Атакама, являющийся центром производства и обработки меди в стране. Только за прошлый год общая увеличенная мощность увеличилась на 5%. Около 50% поставок энергии обеспечивают солнечные фермы. В этом году планируется построить дополнительные мощности - реализация этих проектов началась еще в прошлом году, так что строительство останавливать не будут. Тем не менее, в том же регионе Атакама средняя цена мегаватта опустилась до $60. Это меньше тех $70 за мегаватт, за которые обязались поставлять энергию компании, выигравшие долгосрочные аукционы в Чили. Такая ситуация негативно влияет на развитие энергетического сектора страны в долгосрочной перспективе. Да, сейчас все хорошо, и строительство продолжается. Но в ближайшем будущем инвесторы просто прекратят вкладывать средства в энергетические объекты Чили. Уже сейчас некоторые компании отказываются продолжать финансирование ряда проектов, в дальнейшем ситуация может только усугубиться. По словам представителей энергетических компаний страны, ситуация с ценами стала почти неконтролируемой из-за слишком бурного развития альтернативной энергетики. "Быстрое развитие альтернативной энергетики стало для нас сюрпризом, и мы должны реагировать быстро", - сказал Сальваторе Бернабеи (Salvatore Bernabei), глава Enel Green Power SpA. Пока же проблема не решена, низкие (нулевые) цены на электричество будут негативным образом сказываться на деятельности энергокомпаний. А что в Европе? Для Европы такая ситуация тоже не является удивительной. В Германии потребителям энергии в иные дни даже платят за использование электричества. Так, 8 мая, в воскресенье, Германия побила новый рекорд в генерации энергии из возобновляемых источников. Благодаря солнечной и одновременно ветреной погоде совокупное производство энергии солнечными, ветро, гидро и биоэнергостанциями составило около 55 ГВт. Всего же в стране в этот день было потреблено 63 ГВт энергии. Таким образом, доля возобновляемых источников составила около 87%. На несколько часов цены ушли в минус, что означает выплаты потребителям энергии. Правда, в Европе энергетическим компаниям немного проще справляться с такими ценами. Производители "зеленой" энергии оказываются в плюсе даже при минусовых ценах - здесь следует учитывать субсидии на производство чистой энергии. Проблема еще в том, что зачастую излишки энергии девать просто некуда - "экспортные" линии могут оказаться слишком "узкими", а отправлять энергию куда-то нужно. Поэтому производители энергии рады избавиться от излишков даже с учетом доплаты. А вообще, если брать средний показатель, солнечная электроэнергия подешевела на 50% за последние 16 месяцев. Надо думать, субсидировать "зеленых" энергетиков в скором времени перестанут, и тогда начнется уже реальная конкуренция между "альтернативщиками" и "классиками". Речь, конечно, об энергетических компаниях, производящих энергию различными методами, а не о музыкантах. geektimes.ru/post/276794/(http://www.bloomberg.com/...)

Выбор редакции
22 марта 2016, 21:00

Nordex планирует завершить приобретение Acciona Windpower уже в начале апреля

Немецкий производитель ветряных двигателей Nordex планирует завершить приобретение испанской компании Acciona Windpower уже в начале апреля. Напомним, что сумма данной сделки составит 785 млн евро ($884 млн).

Выбор редакции
22 марта 2016, 11:08

Nordex планирует завершить приобретение Acciona Windpower уже в начале апреля

Немецкий производитель ветряных двигателей Nordex планирует завершить приобретение испанской компании Acciona Windpower уже в начале апреля. Напомним, что сумма данной сделки составит 785 млн евро ($884 млн).

Выбор редакции
26 июня 2014, 01:00

Kohlberg Kravis to Acquire Stake in Acciona Arm - Analyst Blog

Kohlberg Kravis Roberts & Co. (KKR) recently entered into a partnership with Acciona - a Spanish infrastructure, energy, water and sustainable services provider.

Выбор редакции
24 июня 2014, 15:16

США/Испания: KKR планирует приобрести одну треть акций подразделения фирмы Acciona за $567 млн

Американская частная инвестиционная компания KKR планирует приобрести одну треть акций энергетического подразделения испанской фирмы Acciona за 417 млн евро ($567 млн). Стоит отметить, что компании также рассматривают возможность проведения первичного публичного размещения акций данного подразделения.

Выбор редакции
24 июня 2014, 14:46

KKR expands energy portfolio with $567M Acciona Energia deal

KKR (KKR) has announced it will buy a one-third stake in the energy division of Spain's Acciona Energia for €417M ($567M). The private equity firm was looking to expand its renewable energy portfolio, and the new investment will make it one of the world's largest.Once the deal concludes, Acciona Energia International will have an enterprise value of €2.6B, half of which is in equity and half in net debt. Post your comment!

Выбор редакции
24 июня 2014, 11:43

США/Испания: KKR планирует приобрести одну треть акций подразделения фирмы Acciona за $567 млн

Американская частная инвестиционная компания KKR планирует приобрести одну треть акций энергетического подразделения испанской фирмы Acciona за 417 млн евро ($567 млн). Стоит отметить, что компании также рассматривают возможность проведения первичного публичного размещения акций данного подразделения.

Выбор редакции
24 июня 2014, 10:46

KKR takes stake in Acciona renewables arm

Buyout group to buy a third of Spanish group’s international wind and solar power business, in one of Europe’s biggest renewable energy deals this year

Выбор редакции
23 июня 2014, 16:10

Испания/Бразилия: Acciona получила заказ на поставку турбин от Atlantic Energias Renovaveis

Испанская компания Acciona получила заказ от бразильской фирмы Atlantic Energias Renovaveis на поставку ветряных турбин общей мощностью 153 мегаватт. Стоит отметить, что финансовые условия сделки, включающей эксплуатацию и сервисное обслуживание, не разглашаются.

Выбор редакции
10 октября 2013, 12:13

Испания: компания Acciona получила контракт на сумму 1 млрд

Испанская компания Acciona получила контракт на совместное строительство с фирмой Cotenco Engenharia линии метро в бразильском городе Форталеза на сумму 1 млрд. Стоит отметить, что договор также включает установку четырех тоннельных экскаваторов, приобретенных местным правительством для строительства линии метро.

Выбор редакции
11 сентября 2013, 19:52

JKS to deliver 274MWp PV modules - Analyst Blog

JinkoSolar Holding Co., Ltd. has entered with an agreement with Acciona, S.A. to provide a total of 274 megawatt-peak solar PV modules.

Выбор редакции
12 июля 2013, 14:57

S&P Going For 6 Ouf Of 6

When Bloomberg blasts headlines like this: S&P FUTURES UP 1PT, AT SESSION HIGH, ERASE EARLIER 3.4PT DROP,  you know Bernanke hasn't spoken in over 24 hours if a 4 point swing is headline worthy. That said, the exhausted S&P ramp is now going for the 6th consecutive session as all the losses since the June FOMC meeting have now been erased, the S&P is making constant all time highs, and seemingly the Fed's message on tapering and communication has been clarified. The message being that the Fed is tapering its monthly purchases but short-term rates aren't being lifted. Sadly, the market's first reaction was the right one but the herd of cats has once again been herded by the trading desk at Liberty 33. And if the never-never land of US stocks continue merrily chugging along without a care in a centrally-planned world, China, after surging impressively in the past week on hopes, promises and rumors of speculation of a PBOC intervention, slumped after Finance Minister Lou Jiwei said overnight that the country’s expected GDP growth rate in the first half of this year will be slightly lower than 7.7%. He said that there is no doubt that China can achieve its growth targets, though the seven-percent goal should not be considered as the bottom line. In fact, he specifically mentioned that 6.5% would be tolerable. Things were not so rosy in Europe either where as RanSquawk reports, the Iberian Peninsula was at the forefront of investors' minds today, with the I8EX-35 index over in Spain nursing losses of over 1% following reports that the Spanish government is to cut the regulated price of power distribution 20%, while the Portuigal-Germany spread widened further after the Portuguese government noted that the Troika has delayed their quarterly evaluation to late August. In fact, the spread just hit overnight wides following comments from the opposition that the country needs to renegotiate the terms of its bailout. As a result, utilities and basic materials under performed on the sector breakdown, with Spanish utility names such as Acciona, Enagas and Red Electrica trading down by over 6%. The contagion effect also meant that Italian stocks also underperformed their core counterparts, albeit to a smaller extent. Still, the ongoing dovish rhetoric by central bankers on both sides of the pond ensured that in spite of political tensions which also saw Builds 2000MA line cross the 50DMA line to the upside, stocks continued to march higher. Luckily, in the New Abnormal silly things like news or fundamentals no longer have to priced in: remember - there is multiple expansion! In terms of data, the University of Michigan consumer survey and Euroarea IP are the notable economic reports. The Philly Fed’s Plosser and St Louis Fed's Bullard speak on a panel discussion at Jackson Hole today. Note that this is not the marquee annual Fed economic summit organised by the Kansas City Fed (which is due to be held in August). Finally JPMorgan and Wells Fargo report earnings momentarily launching the financial part of Q2 earnings (except of course for the previously reported horrendous Jefferies May-quarter earnings). Bulletin of headline news, via Bloomberg: Treasuries gain for a fifth day amid expectations Fed accomodation to continue; Chinese Finance Minister Lou Jiwei signaled China may expand less than the govt’s target, growth as low as 6.5% may be tolerable. USD is headed for a weekly drop against most major peers as comments from Fed policy makers pushed out investor expectations for when the central bank will reduce stimulus For strategist/economist views on QE tapering after FOMC minutes, Bernanke speech click here ECB interest rates will stay low as long as inflation pressures remain subdued, Executive Board member Peter Praet tells Handelsblatt Russia kepy its refinancing rate unchanged at 8.25% for a     10th month China will almost double a program for foreign funds to invest in its financial markets and expand a program for inward investment of yuan raised overseas, as the country loosens rules on capital flows Portuguese Prime Minister Coelho said an understanding among his Social Democratic Party, the CDS conservative party and  the opposition Socialist Party is possible; yesterday President Cavaco Silva urged parties to broker a deal with opposition Egypt's Muslim Brotherhood plans new protests today against the army’s ouster of Islamist Mohamed Mursi as president and the military-backed interim administration that’s seeking to arrest its leaders Sovereign yields lower with the exception of Portugal and Australia. Asian stocks mixed, Shanghai -1.62%, Nikkei +0.2%. European stocks, U.S. index futures gain. WTI crude, gold and copper fall Market snapshot: Irish 10Y yield down 15bps to 3.818%, after S&P changes sovereign outlook to positive from stable Spanish 10Y yield down 2bps to 4.8% Italian 10Y yield steady at 4.46% U.K. 10Y yield down 7bps to 2.31% German 10Y yield down 5bps to 1.57% Bund future up 0.37% to 143.46 BTP future up 0.26% to 110.4 EUR/USD down 0.33% to $1.3054 Dollar Index up 0.26% to 82.96 Sterling spot down 0.39% to $1.5125 1Y euro cross currency basis swap steady at -18bps Stoxx 600 up 0.44% to 297.84 SocGen's FX team looks at the only considerations left in a central bank controlled world: macro The market was allegedly confused about the message issued by Fed Chairman Bernanke but ended up trading quite solidly through all the commotion yesterday as equities and bonds rallied. The Eursostoxx index is up four days in a row and the S&P 500 even managed to go one better, trading up for a fifth straight session. It is now within a hair's breadth of the all-time intra-day high of 1,687.2 hit on May 22. All the losses since the June FOMC meeting have now been erased and if this means that the Fed's message on tapering and communication has been clarified, all the better as markets can look forward to a stress-free summer. As we were reminded yesterday, tapering will not stop the Fed's balance sheet from expanding and the selling of agency MBS is not part of a normalisation of policy. The knee-jerk reaction in USTs and Fannie Mae was less dramatic compared to the currency markets where the accumulation of long USD positions had been exaggerated and needed correcting. UST yields will not keep going up at the breakneck pace we observed in June and Bernanke will make sure this point comes across at his semi-annual testimony to Congress next week. This will make other asset classes breathe a bit more freely and will take pressure off the ECB governing council after the frenetic pace of the last two weeks. In contrast to the feel good in stocks, what was remarkable is that EU periphery debt did not capitalise in the relief offered by the Fed chairman. Italian and Spanish yields pushed higher yesterday with supply, domestic political distractions and liquidity being blamed. How the trends pan out over the next few days will be interesting in particular if US yields take a breather and stocks welcome US Q2 corporate results as a reason to push higher. In FX, commodity currencies like the AUD and the NZD had a mesmerising day yesterday but the late reversal underscores that durable relief for both currencies is going to be difficult to achieve. Even the strong Australian employment data failed to turn the tide which says a lot about how participants are approaching the RBA meeting in early August. Next up are the Chinese Q2 GDP data on Monday. SG economics have revised down the yoy forecast to 7.4% from 7.6% previously. * * * Finally, Jim Reid's overnight recap explains it all: A market used to making dramatic comebacks is the S&P 500 and in spite of everything thrown at it of late, it again hit record highs last night (+1.4% to 1675)  after a dovish interpretation of Bernanke's speech the night before. It also helped EM equities (+2.98%) have their best day since mid-September last year. The improvement in EM sentiment also saw a rally in Mexican (-11bp) and Brazilian (-16bp) rates. In a sign of better sentiment in EM funding markets, yesterday also saw PEMEX, a Mexican state-owned oil producer, price $3bn in bonds, and in the process becoming the first Latin American corporate borrower to issue a vanilla dollar bond since May according to LatinFinance. The US fresh highs are impressive and have occurred against a backdrop of a slow drip of negative newsflow in the periphery in recent days and weeks. In Portugal President Silva has proposed a cross-party agreement between the coalition and opposing Socialists in an effort to guarantee wider support for austerity measures needed for Portugal to exit its bailout next year. The move surprised some who had thought the Prime Minister had overcome a cabinet crisis by reaching a deal with junior coalition partners. Elsewhere on the Iberian Peninsula, the Spanish remain focused on corruption allegations in government and there is also concern about its IG rating in the face of Italy's downgrade earlier in the week. In Italy specifically, the difficult relationship between the centre-right and centre-left continues to bubble away amidst the ongoing tax trials of ex-PM Berlusconi. There were also protests in Greece as parliament debated a bill bundling together a range of economic reforms. So nothing to cause a major panic but plenty to think about in Europe at the moment. Back across the Atlantic the US earnings season rolls on today with the premarket results for JPMorgan and Wells Fargo. These will be the first of the major US banks to report, setting the tone for the rest of the sector which will be reporting next week. JPM and Wells Fargo have seen their stock up 16% and 13% since the start of Q2. For JPMorgan the expectations are running pretty high as usual having beaten analyst estimates in 12 out of the last 13 earnings reports. At the headline level our US bank analyst Matt O’Connor (and the market consensus) is expecting JPM to report EPS of $1.41 versus $1.61 in Q1 (ex CVA/DVA charges) but still well above the $1.15 reported the same time last year. Given the fixed income sell-off that started in May, the Q2 performance of the investment banking business is going to be interesting for this sector. For JPM, Matt expects trading revenues (ex CVA/DVA) to rise 5-10% yoy (but -20% qoq), which is moderately below management’s outlook for trading revenues given the deterioration in market conditions. Notably FICC revenues may be down 20-25% qoq even though this will be 5% yoy on easy comps. IB fees are also expected to be -16% qoq. So watch out as JPM’s numbers today as they may shape the expectations for all the other IB results next week. Dimon's comments will also be worth listening out for. In China, the disappointing trade numbers earlier this week seems to have set off increasing market discussions of possible stimulus. That has spurred a strong rally in the Shanghai Composite (+5.5% over the last two days). A number of Chinese cyclical stocks in the cement, smelting and steel industries have bounced an impressive 5-15% in the last few days albeit off multi-year lows in many instances. China's Finance Minister Lou Jiwei said overnight that the country’s expected GDP growth rate in the first half of this year will be slightly lower than 7.7%. He said that there is no doubt that China can achieve its growth targets, though the seven-percent goal should not be considered as the bottom line. In fact, he specifically mentioned that 6.5% would be tolerable. Either way, an interesting few days are in store for the China macro story with Q2 GDP scheduled for Monday next week and money and credit data for the month of June due over the next few days. Speaking of policy support, DB’s Jun Ma noted that after a few months of insistence that macro policies will not be eased despite economic deceleration, recent signals from top leadership noted that they are concerned about the downside risk and ‘stabilising growth’ is important. Jun thinks these messages remain very vague and unlikely to preclude any major monetary/fiscal relaxation in the near term but some low profile easing such as ‘expectation management’, stabilising the RMB, and accelerating infra/environmental project approvals are possible. Granting more quota for bond issuance and relaxing lending restrictions to SMEs and exporters are also possible. An interesting development overnight in China was a comment made by an official (via national radio) that the government will remove “unreasonable fees” and introduce supportive policies (may include tax relief) for shipping companies in the second half of the year to help them through an industry downturn. Rongsheng Heavy Industries is a name of interest here as we mentioned earlier this week on how the struggling shipbuilder has filed a profit warning and has reportedly requested for a government bailout. Rongsheng's share price is 1% lower overnight. Taking a quick look at markets this morning, Chinese-related equities are trading lower weighed by the aforementioned comments by China’s finance minister. The Hang Seng (-0.4%) and Shanghai Comp (-0.5%) are both trading softer led by banking stocks. Other regional equities are having a flat day with the Nikkei up (+0.2%) as we type. Asian credit is trading a touch tighter. We have a relatively light calendar ahead today. In terms of data, the University of Michigan consumer survey and Euroarea IP are the notable economic reports. The Philly Fed’s Plosser and St Louis Fed's Bullard speak on a panel discussion at Jackson Hole today. Note that this is not the marquee annual Fed economic summit organised by the Kansas City Fed (which is due to be held in August). Finally as discussed above, JPMorgan and Wells Fargo report before the opening bell today.    

19 января 2013, 08:05

The Road Forward: Spain Keeps Thinking Big Thanks To Obama

MADRID -- "We've got to make sure we're building sources of energy for the future, not just thinking about next year, but 10 years from now, 20 years from now," President Barack Obama said last fall during the second presidential debate, before a skeptical Mitt Romney. "That's why we've invested in solar and wind power, biofuels and energy-efficient cars." These words sounded like celestial music to Spanish energy companies, and Obama's reelection has been cause for celebration here. Spanish companies have been leading developers of solar and wind power, and have invested billions of dollars in the U.S. in recent years. With America's push to develop the clean energy even further, there is an opportunity to greatly increase Spain's output in these sectors, beyond regional partners like Latin America. In recent years, Spanish investments in the U.S. have increased sevenfold, reaching $45 billion dollars in 2011, according to government data. Next year, the Spanish company Abengoa Solar is expected to complete construction of Solana, the world's largest solar plant, in Gila Bend, Ariz. Another Spanish company, Iberdrola, claims to be the second-largest wind operator in the U.S. wind energy sector behind Florida Power Energy, with 2.7 million customers in 23 states. Fully 38 percent of the company's total energy production comes from the U.S. During Obama's first term, Iberdrola received over $1 billion in grants from the U.S. Treasury Department as part of the economic stimulus package -- reportedly the largest amount ever awarded to a renewable energy company anywhere. "The U.S. has been essential to our business in recent years," said a spokesman for Iberdrola, who noted that Obama's continued support for wind energy is "something we consider very positive." "Although energy prices are falling and there is uncertainty about the future, with Romney we wouldn’t have had such high expectations," the spokesman said. According to the U.S. Department of Energy, wind could be the source of 20 percent of U.S. energy by 2030. No wonder, then, that other renewable energy companies, including Acciona and Gamesa, are also focusing most of their business in the U.S. "Several companies have come here in recent years and we anticipate a second wave during this second term," said Ramon Gil-Casares, Spain's ambassador in Washington. "Due to the [economic] crisis, Spain's image has not been the best lately, but we trust that the $45 billion investment that Spain maintains in the U.S. will continue to increase," he assured HuffPost Spain. In total, he stated, Spanish companies create 70,000 direct jobs and 300,000 indirect jobs in the U.S., making Spain its 13th-largest investor. Beyond clean energy, large Spanish companies also aspire to build bridges, roads and trains in the U.S. Obama has said that investing in infrastructure remains a priority for his second term. Such investments could help Spanish companies expand their businesses beyond Latin America. "Before coming to the U.S., Spanish companies already had a great experience in Latin America, a more obvious market, but which doesn’t offer the same legal security as the U.S.," said Manuel Romera, director of the financial department at Instituto de Empresa Business School, one of the leading business schools in Spain. Construction company Sacyr, for example, won a $3.2 billion contract to expand the Panama Canal. The oil company Repsol, on the other hand, was less fortunate. Last year, Argentina’s president, Cristina Fernandez de Kirchner, decided to nationalize YPF, the local subsidiary. The move caused a diplomatic rift between Spain and Argentina, with Madrid threatening trade retaliation and claiming that Buenos Aires had "broken the friendship" between the two nations. There is no such risk in the U.S., where the political and economic climate continue to favor private businesses, and where there are more opportunities for new public infrastructure contracts both statewide and locally. For example, in 2012, the Spanish company ACS (Actividades de Construcción y Servicios) was granted $925 million dollars by the state of New York to lead the development of the city’s subway. A consortium led by Ferrovial will receive $1.5 billion dollars for the construction of U.S. Route 460 in Virginia. And FCC was given $725 million dollars to build the Gerald Desmond bridge in Los Angeles, a work promoted by the local Port Authority and the California government. FCC alone aspires to secure $9 billion dollars in contracts in the U.S. in the next few years. Improving U.S. investments will be a top priority for Spanish Prime Minister Mariano Rajoy, who will travel to Washington in the spring to celebrate his first official meeting with Obama.

19 января 2013, 08:05

The Road Forward: Spain Keeps Thinking Big Thanks To Obama

MADRID -- "We've got to make sure we're building sources of energy for the future, not just thinking about next year, but 10 years from now, 20 years from now," President Barack Obama said last fall during the second presidential debate, before a skeptical Mitt Romney. "That's why we've invested in solar and wind power, biofuels and energy-efficient cars." These words sounded like celestial music to Spanish energy companies, and Obama's reelection has been cause for celebration here. Spanish companies have been leading developers of solar and wind power, and have invested billions of dollars in the U.S. in recent years. With America's push to develop the clean energy even further, there is an opportunity to greatly increase Spain's output in these sectors, beyond regional partners like Latin America. In recent years, Spanish investments in the U.S. have increased sevenfold, reaching $45 billion dollars in 2011, according to government data. Next year, the Spanish company Abengoa Solar is expected to complete construction of Solana, the world's largest solar plant, in Gila Bend, Ariz. Another Spanish company, Iberdrola, claims to be the second-largest wind operator in the U.S. wind energy sector behind Florida Power Energy, with 2.7 million customers in 23 states. Fully 38 percent of the company's total energy production comes from the U.S. During Obama's first term, Iberdrola received over $1 billion in grants from the U.S. Treasury Department as part of the economic stimulus package -- reportedly the largest amount ever awarded to a renewable energy company anywhere. "The U.S. has been essential to our business in recent years," said a spokesman for Iberdrola, who noted that Obama's continued support for wind energy is "something we consider very positive." "Although energy prices are falling and there is uncertainty about the future, with Romney we wouldn’t have had such high expectations," the spokesman said. According to the U.S. Department of Energy, wind could be the source of 20 percent of U.S. energy by 2030. No wonder, then, that other renewable energy companies, including Acciona and Gamesa, are also focusing most of their business in the U.S. "Several companies have come here in recent years and we anticipate a second wave during this second term," said Ramon Gil-Casares, Spain's ambassador in Washington. "Due to the [economic] crisis, Spain's image has not been the best lately, but we trust that the $45 billion investment that Spain maintains in the U.S. will continue to increase," he assured HuffPost Spain. In total, he stated, Spanish companies create 70,000 direct jobs and 300,000 indirect jobs in the U.S., making Spain its 13th-largest investor. Beyond clean energy, large Spanish companies also aspire to build bridges, roads and trains in the U.S. Obama has said that investing in infrastructure remains a priority for his second term. Such investments could help Spanish companies expand their businesses beyond Latin America. "Before coming to the U.S., Spanish companies already had a great experience in Latin America, a more obvious market, but which doesn’t offer the same legal security as the U.S.," said Manuel Romera, director of the financial department at Instituto de Empresa Business School, one of the leading business schools in Spain. Construction company Sacyr, for example, won a $3.2 billion contract to expand the Panama Canal. The oil company Repsol, on the other hand, was less fortunate. Last year, Argentina’s president, Cristina Fernandez de Kirchner, decided to nationalize YPF, the local subsidiary. The move caused a diplomatic rift between Spain and Argentina, with Madrid threatening trade retaliation and claiming that Buenos Aires had "broken the friendship" between the two nations. There is no such risk in the U.S., where the political and economic climate continue to favor private businesses, and where there are more opportunities for new public infrastructure contracts both statewide and locally. For example, in 2012, the Spanish company ACS (Actividades de Construcción y Servicios) was granted $925 million dollars by the state of New York to lead the development of the city’s subway. A consortium led by Ferrovial will receive $1.5 billion dollars for the construction of U.S. Route 460 in Virginia. And FCC was given $725 million dollars to build the Gerald Desmond bridge in Los Angeles, a work promoted by the local Port Authority and the California government. FCC alone aspires to secure $9 billion dollars in contracts in the U.S. in the next few years. Improving U.S. investments will be a top priority for Spanish Prime Minister Mariano Rajoy, who will travel to Washington in the spring to celebrate his first official meeting with Obama.

10 января 2013, 01:28

Swara Salih: The Promises and Challenges of Wind Power in the US

While wind energy can seem like a near-ideal solution to our environmental and energy issues, it has not been without its challenges in the United States. It has not been, so far, a major component of the energy market. At the end of 2011, total wind energy production in the U.S. constituted 3.3 percent of total energy demand, according to the Department of Energy. Yet the industry has made several gains in the past few years, and the renewal of the integral tax credit will allow projects to continue. The DOE ambitiously projects wind energy to supply as much as 20 percent of U.S. electricity by 2030. Despite financial and logistical difficulties, the current pace of onshore and offshore production of wind farms indicates that this may be a realistic goal. In the run-up to the fiscal cliff, many speculated whether the wind energy tax credit would be renewed. The production tax credit provides a 2.2-cent tax credit for each kilowatt-hour of electricity produced from large-scale wind farms. Experts agree that the credit acts an integral economic stimulant for the industry. According to the Penn State Wind Application Center, the tax credit has permitted the wind industry's nationwide capacity to grow from roughly 9,000 megawatts in 2005 to over 50,000 megawatts in 2012, which is enough to power 13 million homes. Luckily, it won out in the negotiations, along with the tax credit for solar energy. The most recent extension of the tax credit now covers wind farms that begin construction in 2013, not just those that go into operation this year, and will thus stem more growth in the industry. The tax credit is also attributed with helping to sustain jobs in the industry. The American Wind Energy Association (AWEA) estimates that the tax credit's extension will save as many as 37,000 jobs in the wind energy sector. It is estimated that the tax credit would cost approximately $12.1 billion over the next decade, a quantity some legislators deem too costly for an energy source that is difficult to integrate into the power grid. Adapting it into the grid is one of the main issues facing renewable energy. Power plants tend to run a "predictable" amount of electricity daily, and consistently attempt to match what people TVs, appliances, computers, and their other electronic devices need. The problem with wind and solar energy is that they are "unpredictable" sources of electricity: the amounts of watts they produce are consistent only with wind speeds and the degree of sunlight received by panels. However, renewable energy developers are hopeful that they can modify the grid itself. Michael Goggin of the AWEA asserts that gird operators could possibly accommodate the vagaries of these renewables by moving power on the grid minute by minute, instead of hour by hour as they do now. If the power grid is modified to handle this precise flow of electrons, wind energy may be able to match more of our electricity needs. Since 2005, worldwide wind energy manufacturers have branched into U.S. production of turbines. Seven of the leading global turbine manufacturers (Vestas, GE, Gamesa, Suzlon, Siemens, Acciona, and Nordex) now produce turbines in the U.S. However, doubts about the tax credit's longevity, combined with other economic difficulties, saw German-based Siemens lay off 945 workers in the U.S. last year, and Vestas, the world's largest turbine-manufacturer with operations in Colorado and Texas, lay off 1,400 workers globally. The relative lateness and uncertainty of the tax credit's extension has influenced some foreign companies to anticipate less investment in the United States. Vestas, for example, expects a significant "significant reduction in 2013 installations, relative to previous years," according to company spokesman Michael Zarin. The uncertainty of the tax credit's extension in 2014 and following years may hinder long-term potential growth by these companies. If Congress declared a longer standing commitment to the tax credit, Vestas and other companies might commit to longer-term investment in the U.S. In the past few years, many have pointed to natural gas as a major source of new domestic energy. It also serves as a backup energy source for wind and solar power when weather conditions aren't ideal. In the development of newly installed sources, however, wind energy has overtaken natural gas. During 2012 the wind industry installed a whopping 44 percent of all new energy capacity in the U.S., compared to 30 percent for natural gas. In the past five years, cumulative wind energy capacity has constituted 35 percent of all newly built energy capacity. Until now, U.S. wind energy development has only concerned onshore sources. The U.S. has yet to launch mass production of offshore wind farms. Onshore, wind blows most heavily during nighttime, during which we have overall less electricity consumption. Because offshore winds blow strongly 24 hours a day, they would deliver energy during the daytime, when electricity sells for a higher price in wholesale markets. The Obama administration is looking to increase offshore production in key "wind energy areas," according to Interior Secretary Ken Salazar. In the DOE's new budget for 2013, seven offshore projects in six states, Texas, Delaware, Maryland, New Jersey, Virginia, Maine, and Ohio (which holds two projects off the coast of Cleveland), will each receive up to $4 million for startup costs. The DOE plans to select up to three of the projects and offer each up to $47 million to assist in their commercial operation for 2017. The land-based U.S. wind energy sector has so far created over 75,000 jobs and has over 400 manufacturing facilities in 43 states. Since 2011, wind energy has composed more than 10 percent of energy output in five states: South Dakota (22.3 percent), North Dakota (14.7 percent), Iowa (18.8 percent), Minnesota (12.7 percent), and Wyoming (10.1 percent). The DOE also estimates that the development of 54,000 MW of offshore wind projects in the U.S. could create more than 43,000 operations and maintenance jobs. Furthermore, if offshore plants go into production, the U.S. wind industry could support 500,000 American jobs by 2030. If the president's aspirations for the offshore projects prove fruitful, then the DOE's projections may be fulfilled. With sufficient R&D into offshore wind farms, the U.S. energy market could open a new chapter for the wind industry.