News

One of India’s largest business organizations wants to reduce India’s rising power rates by lessening the tax burden of power producers.

RHB Bank and RHB Investment Bank will jointly raise RM1.38 billion to part finance the development, construction and operation of a new coal-fired power plant in Tanjung Bin, Johor. The 1,000 Megawatt power plant, which requires total financing of more than RM6.0 billion, is managed by Tanjung Bin Energy Issuer Bhd, a subsidiary of Malakoff Corporation Bhd. Malaysia's energy demand is projected to grow at 3.4 per cent, annually, given the large number of big-scale infrastructure and construction projects proposed under the 10th Malaysia Plan, said RHB in a statement today. It said with the addition of the coal-fired power plant in Tanjung Bin to the grid, along with the inclusion of other power plants that are due soon, electricity reserve margin was expected to be maintained at an acceptable level. "We are proud of the RHB Banking Group's ability to assist Malakoff in the financing of such an esteemed project that is of national significance," RHB Bank Corporate Banking Division director Mike Chan was quoted as saying in the statement.

Burma is open to using coal-fired power for a planned $8.6 billion industrial zone in Dawei as long as the electricity is used for domestic needs only, said Pailin Chuchottaworn, chief executive officer of PTT. PTT, Thailand’s biggest energy company, had planned to invest in a coal plant in Dawei that would export power to Thailand before Burma’s government scrapped the 4,000-megawatt project earlier this year, Pailin said. The plant was in original plans by Italian-Thai Development for a deep-sea port and business park in the Indian Ocean town. Burma’s government is “against the idea of exporting coal-based power to Thailand but they will allow coal-based power for internal use,” Pailin said in an interview on Wednesday. PTT, whose exploration arm is developing nine blocks in Burma, stands ready to develop its oil and gas industry, he said. At the same time, the Asian Development Bank is preparing to fund projects in Burma, after 25 years, joining other multilateral agencies and governments. “The development challenges of the country are huge: infrastructure, social sector. They need a lot of support and capacity building,” Rajat Nag, ADB managing director-general, said in an interview in his office in Manila on Wednesday. The ADB is seeking approval from its shareholders to formally begin infrastructure and development projects in Burma, and will work with other agencies including the United Nations and the World Bank, Nag said. Burma may be Asia’s “next economic frontier,” the International Monetary Fund has said, highlighting greater investor interest.

No one can accuse the South Koreans of thinking small in renewable energy.

Plans to Invest Over 10 Billion Baht for Renewable Energy Projects and Power Plants Acquisition

Energy hungry Vietnam is set to throw a huge amount of money at the problem of producing more electricity from coal by 2030.

Kansai Electric expects its highest-ever group net loss of US$3.09 billion for fiscal 2011 ending next month due to expanding fossil fuel purchases.

The Egco Group signed a US$231 million joint-venture deal with Yanhee Solar for six solar power plants in Thailand.

Canadian Solar Inc currently in negotiations with local governments in Fukushima and Miyagi prefectures to build a factory in Japan.

World Bank's IFC has bought an 11 percent stake in a unit of Medco Energi to spur investment in the non-government electricity sector.

Businessmen from Indonesia and Poland met for the third time to discuss possible cooperation in the energy sector. This resulted with the issuance of a Letter of Intent. Previous meetings were held in May and September 2011.

The Japanese government will seek the resignation of Tepco's board of directors in return for injecting $13 billion of public funds.

Malaysian tycoon Ananda Krishnan's sale of over $3 billion worth of power assets has attracted 12 initial bids with a final round of bidding expected by end of March.

Italian-Thai Development has committed to achieve dam readiness for NTPC's 800 MW Koldam hydroelectric project and commencement of reservoir impounding by October 20.