PREMIUMEnergy watchdogs call for less coal, more renewables in PLN long-term power plan

first_imgIndonesia energy-mix PLN coal renewable-energy greenpeace IESR Energy watchdogs have called on state-owned electricity company PLN to slash coal consumption and boost renewables usage in the company’s upcoming 2020-2029 electricity procurement plan (RUPTL).The experts urged Indonesia’s top electricity company to further cut back on coal-fired power plants, particularly those whose construction has been stalled due to COVID-19 pandemic. They urged PLN to focus on developing green energy plants instead.“Developing coal plants that have a 40-year lifespan will lock out opportunities for renewables to develop in Indonesia,” said energy and climate change researcher Adila Isfandiari of environmental advocacy group Greenpeace Indonesia.Adila is among many energy observers, including those from Global Energy Monitor (GEM), the Institute for Essential Services Reform (IESR) and the Institute for Development of Economics a… Facebook Forgot Password ? Linkedin Google Topics : LOG INDon’t have an account? Register here Log in with your social accountlast_img read more

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UK set to confirm collective DC as future pension in DA debate

first_imgCollective defined contribution (CDC) schemes are set to be selected as a future pension scheme option in the UK, with legislation to be put forward in the next Parliament.Reports from national newspaper, The Sunday Telegraph, suggested the implementation of CDC will be laid out in Wednesday’s Queen’s Speech, which sets out the legislative agenda for the next Parliamentary session.In the launch of a government consultation on DA and greater risk-sharing in November 2013, the government name-checked CDC and the Danish ATP model as two potential outcomes.The response to the consultation has not yet been published, although it was expected earlier this year. Pensions minister, Steve Webb, has long been a supporter of CDC, and with the legislative introduction set to be announced, CDC could be left as the sole definition of DA.The newspaper suggested CDC legislation could be in place by 2016.However, its implementation could be complex as the first round of auto enrolment will almost be complete by then, and, uncertainty over how, and if, it complements recent changes to DC landscape announced by the Treasury.Aon Hewitt, the consultancy, and support of CDC in the UK, said its attraction outweighs that of other potential DA designs and defined benefit (DB), due to the lack of guarantees.On how CDC would fit into the post-2014 Budget DC environment, partner at Aon Hewitt, Matthew Arends, said individuals would still want to generate an income in retirement, such as that provided by CDC.“There will be a need for some form of income generating solution from at least part of members’ DC pots to replace income that previously would have been provided by an annuity.“We can expect a proliferation of market innovation to fill this need. However, many of these new options will expose members to increasingly complex decumulation decisions.“CDC plans have a big role to play because they are pooled vehicles and so avoid the need for members to take investment decisions,” he said.“We envisage that many employers will take the opportunity to use CDC as a core part of retirement savings to provide an income – in addition to fully flexible DC cash savings,” he added.The debate over CDC’s implementation has split the industry, with previous debates highlighting Aon Hewitt as strong supporters and Mercer suggesting the government should focus on reducing stringent DB requirements.Towers Watson said CDC would require a “radical” change to pensions legislation in the UK, and employers would refrain from taking on additional risk voluntarily.Colin Richardson, client director at independent trustee firm PTL, said CDC’s major benefit, even post-Budget, is still its longevity pooling.“There are other advantages to CDC of course in relation to potential greater predictability of future pensions and greater pension amounts,” he added.“However, great care is needed in comparing the potential pension amounts as most CDC scheme studies were performed before the March 2014 budget and are thus based on outdated comparisons with constrained DC schemes.”CDC was first touted as an option for UK employers in 2009.A study into its feasibility, by the then Labour Government, said the legislative changes required were too complex and there was a lack of interest from employers, resigning CDC to the legislative scrap heap.Current Labour MP Rachel Reeves, and shadow work and pensions secretary, said sharing risk and rewards across generations, such as in CDC, appeals to the principles of the country.“We need to be clear that such schemes do expose people to a different set of risks and this makes it all the more important that they are subject to robust governance mechanisms,” she said in a speech last week.“Opening the way to CDC schemes makes it all the more important the government takes up our call to impose a legal requirement on all pension scheme providers to prioritise the interests of savers above those of shareholders – policed, where possible, by independent trustees.”last_img read more

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French reserve fund gains 7%, targets more impact investments

first_imgFrance’s pension reserve fund wants to increase its allocation to impact investments, it announced in connection with its performance result for 2017.The fund was only at the beginning of its thinking about how to pursue this goal, but would probably issue a tender for impact investing this year, according to Olivier Rousseau, member of the executive board of Fonds de réserve pour les retraites (FRR).Another option would be for FRR to add impact requirements – in particular social and environmental – to equity mandates that were to be renewed this year, but at the moment the fund was more likely to opt for a separate impact investing tender.  Rousseau indicated the fund would seek to allocate a substantial amount to impact investing. FRR existing investments included what it called “ESG momentum” mandates, in which managers invest in mid-cap companies with potential to improve their environmental, social and governance (ESG) performance and have this as a goal. Since 2014 FRR has also invested in funds with an environmental – mainly climate – theme. Olivier Rousseau, FRRJust over 1% of FRR’s assets, roughly €400m, were allocated to these mandates, Rousseau indicated.This year FRR planned to further lower the carbon footprint of its portfolio, the fund said in a statement.It would also award “development capital” mandates and establish dedicated “innovation capital” funds, part of a €2bn programme of investment in French private assets. It was given approval for this in 2015, and more than half has been committed. Rousseau told IPE that FRR will also be tendering out four equity mandates this year: for French, European and US smallcap stocks, and for Japanese equity. It would require managers to have greater integration of ESG factors as part of these mandates, he said.Equities drive 2017 performanceFRR’s investments returned 7.16% in 2017, led mainly by equities, it reported this week. In absolute terms, its assets increased to €36.4bn as at 29 December.FRR’s assets are managed in two portfolios: a return-seeking portfolio and a liability-hedging portfolio. The return-seeking portfolio gained 13%, and the fixed-income assets in the hedging portfolio 1.5%. The return-seeking portfolio made up 56% of the fund’s total assets at the end of last year.Surplus assets grew from €14.3bn in December 2016 to €16.5bn at the end of 2017.FRR’s liabilities were fixed at the beginning of 2011, since when it has had to make annual payments of €2.1bn to Cades, the agency that refinances France’s social security debt.With last year’s return, FRR’s net assets have increased by €14.1bn since 2011. The fund said this had “enabled it to reduce the anticipated decrease in value of its portfolio to a very significant extent”.Read more about FRR in November’s How We Run Our Money interview for IPE magazinelast_img read more

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France Confirms Oil Slick after Grande America Sinks

first_imgFrench authorities have detected an oil slick at the sinking site of the ro-ro container vessel Grande America, according to the Maritime Prefecture of Atlantic.The slick was detected in the afternoon hours of March 13 during an overflight by French Navy aircraft. The oil traces were confirmed by offshore supply ship VN SAPEUR, which remained at the site after the fire-stricken ConRo sank.At the time, the Maritime Prefecture of Atlantic said that the oil slick was about ten kilometers long and one kilometer wide. French authorities dispatched the offshore supply ship Argonaute from Brest, and reportedly three additional vessels, to help with the oil cleanup operations.European Maritime Safety Agency (EMSA) was asked for assistance with pollution control.The vessel was loaded with 365 containers, 45 of which were listed as containing hazardous materials, local media cited the Maritime Prefecture of Atlantic. The ship also had 2,200 tons of fuel in its bunkers.The 1997-built Grande America suffered a fire on March 10 while en route from Hamburg to Casablanca, and subsequently developed a worsening starboard list. It sank in the afternoon hours of March 12 in the Bay of Biscay, some 180 nautical miles west of the French coast in a water depth of around 4,600 meters.The vessel’s owner Grimaldi earlier appointed the salvage company Ardent to provide assistance with the incident.World Maritime News Stafflast_img read more

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Petrobras books smaller profit as output declines

first_imgHit by lower crude oil prices, Brazilian state-owned oil and gas giant Petrobras recorded a smaller profit in the first quarter of 2019 when compared to the same period last year amid production decline due to a series of stoppages.P-74 FPSO; Source: PetrobrasThe Brazilian giant on Tuesday posted a net income of $1.125 billion for the first quarter of the year, a 49% decrease when compared to the profit of $2.196 billion in the corresponding quarter of 2018. Net income attributable to shareholders of Petrobras in 1Q 2019 was $1.07 billion compared to $2.1 billion in 1Q 2019.The company’s revenues amounted to $21.2 billion in the first quarter of 2019, an 8% decrease when compared to the revenues of $22.96 billion in 1Q 2018.According to the company, this was mainly due to decrease in domestic revenues, lower export revenues driven by lower international prices of crude oil and oil products and by lower oil product export volumes; and decreased revenues from operations abroad following the disposal of E&P assets of Petrobras America Inc., the sale of distribution companies in Paraguay and lower international prices.Exploration costs were $174 million in 1Q 2019, a 28% increase ($38 million) compared to $136 million in 1Q18, mainly due to higher exploration expenditures relative to projects without commercial feasibility ($42 million) and to increased geological and geophysical expenses ($14 million).Petrobras CEO, Roberto Castello Branco, said: “From the beginning of the year, we initiated a transformational agenda based on our five strategic pillars. Consistent with the focus on the assets in which we are natural owners, in the first four months of the year our divestments reached $11.3 billion, a record for Petrobras. The highest value transaction was the sale of 90% of TAG for US$ 8.6 billion. In the near future it is our firm intention to sell the residual holdings of 10% in TAG and NTS.”Petrobras Crude oil, NGL and Natural Gas production in Brazil in 1Q 2019 decreased by 5% to 2,460 mbpd from 2,582 mbpd in the same period last year.The company explained that the oil, NGL and natural gas production decreased mainly due to the sale of 25% in Roncador field and the reduction of Petrobras’ participation in fields in the US, associated with the higher concentration of maintenance in platforms in the first quarter of 2019 and the natural decline in production.The decrease in production was partially offset by the start-up of seven new systems in the last 12 months, which are still in the process of commissioning and interconnecting new wells: P-74, P-75, P- 76 and P-77, in Búzios field; FPSO Campos dos Goytacazes, in Tartaruga Verde field, P-69, in the extreme south of Lula; and P-67, in the northern area of Lula.Offshore Energy Today StaffSpotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.last_img read more

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IMCA Modified national, regional champions receive awards from Speedway Engineering

first_imgSYLMAR, Calif. – A California company continues its long association with IMCA in 2017 with awards for Modified drivers winning regional crowns.Speedway Engineering of Sylmar gives the national champion a $1,000 product certificate, good toward the purchase of a complete Ford 9” floater rear end housing or a full-size 10” quick change rear end.The suspension and drivetrain products manufacturer and 19-year IMCA sponsor also gives $300 product certificates to each of the other four regional champions.All awards will be presented during the national awards banquet in November or mailed beginning the follow­ing week from the IMCA home office.Information about the complete line of Speedway Engineering products is available at the www.1speedway.com website or by calling 818 362-5865.“There isn’t much to say about our partnership with Speedway Engineering that hasn’t already been said dur­ing their 19 years of support,” noted IMCA Marketing Director Kevin Yoder. “Speedway Engineering is a leg­end in the industry and our gratitude for being their only sponsorship program can’t be overstated.”“Our sponsorship in IMCA has given us a great way to give back directly to the racing community,” said Speedway Engineering President Ken Sapper.last_img read more

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Jol could bring in a defender

first_img Press Association The Cottagers, beaten 3-1 at home last weekend by Arsenal, travel to Newcastle on Saturday relieved to have edged to victory in a midweek Capital One Cup penalty shoot-out against Burton. Jol has already moved to strengthen the squad following the signings of midfielders Scott Parker and Adel Taarabt as well as striker Darren Bent, who scored on his debut against Arsenal. The Cottagers boss, though, admits he could do with some cover at the back. Fulham manager Martin Jol has hinted he could move for a new defender before the transfer window closes. Jol said: “He is one of those players who can play left-back, centre-back or right-back, so he fits the bill, but I don’t think he will be the one.” Goalkeeper Maarten Stekelenburg (shoulder) remains a doubt for the trip to the North East and Kieran Richardson (hamstring) is out, while summer signing Fernando Amorebieta, the Venezuela defender, is not yet match fit. Striker Dimitar Berbatov returns to the squad having been rested in midweek. “I think we are pretty satisfied to have the players on the board. I think we did pretty well to get Darren Bent, Scott Parker and Adel Taarabt,” he said. “We will have to wait and see, maybe there will be one. You never know what will happen.” Jol told a press conference, reported on the club’s official website: “I don’t think it [deadline day] will be as hectic as it was here over the last season when we had one or two players coming in on the last day, but there are always wishes for any manager. “I think at the back, for example, we could do with a player, but we’ll have to wait and see. “Of course Aaron Hughes could always play right-back for Sascha (Riether), but we will have to wait and see – maybe there will be one. “We are probably 20th in the ranking in the league in terms of spending money, but we still do well. “We are very proud that we still get the good players in – like Bent, and even Scott Parker – and I think if we can do that, attract these players, we will do well.” Fulham have been linked with Parma defender Yohan Benalouane. last_img read more

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Anderson and Broad hungry for one last Ashes series Down Under

first_imgENGLAND seamers Stuart Broad and James Anderson are determined to feature in one last Ashes series in Australia.Anderson will turn 38 in July, while Broad is a couple of months away from his 34th birthday.The new-ball duo are hungry to head Down Under for the 2021-22 Ashes series before considering retirement, with England having failed to regain the urn when they drew 2-2 on home soil last year.Speaking in an Instagram Live Q&A, Broad said to Anderson: “I don’t think I could go until your age. Your action’s so smooth, it looks a lot calmer on your body whereas mine is a little more forceful through my body, I think.“I’d never want to get to that place where I’m bowling against a 19-year-old and they’re going, ‘I thought someone said he used to be a good bowler’. I’d hate that. I’d prefer to go that little bit earlier than that little bit later.“But I’m loving the environment at the minute. I love playing for England. Chris Silverwood coming in as coach is great for me because I really liked him as a bowling coach, and he helped change my action.“I still have huge motivation to keep playing and you just assess that year by year. And we’ve got that carrot dangling over us of Australia in Australia which looks like an achievable carrot to grab.”Anderson stated on his future: “The big thing is standards. If your standards feel like they’re dropping, then yeah, you might consider finishing.“But as long as my standards stay high, my fitness levels stay good and my skills stay where I want them to be and my speed stays pretty good, which they have been, [I will carry on playing].“We’ve got an exciting team and a few young guys who are just starting out on their journey. We’ve got some more established guys and we’ve got two guys who have been around a long time.”(Omnisport)last_img read more

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Beat writers slightly favor No. 10 Syracuse at home against No. 7 Notre Dame

first_img Published on March 28, 2018 at 8:51 pm No. 10 Syracuse (4-3, 2-0 Atlantic Coast) plays host to No. 7 Notre Dame (5-2, 1-0) on Saturday at 5 p.m. in the Carrier Dome. The Orange is coming off a 15-14 road win over then-No. 3 Duke, securing SU a spot in the ACC Tournament. When the two teams met last season in South Bend, Indiana, the Orange knocked off the then-No. 1 Irish.See what our beat writers think of Saturday’s top-10 matchup.Charlie DiSturcoUNDer fireNotre Dame 11, Syracuse 9Despite being killed in faceoffs last week, Syracuse managed to pull off a huge win on the road against Duke. The Orange showed its potential when everything is put together. The win put the Orange in the Atlantic Coast Conference’s driver’s seat — at least for now. Notre Dame meanwhile has allowed double-digit goals twice all season. And both times, UND lost those games.But Syracuse’s offense has been so inconsistent, as seen in its three-goal output against Albany a week after 21 goals against Binghamton. Tack on the fact that SU faceoff specialist Danny Varello is slumping and UND’s John Travisano Jr. is having a bounce-back year, and the Fighting Irish have the advantage. Notre Dame also returns four of its five top scorers from last year, while Syracuse’s young offense is still finding its place. There’s too much on UND’s side for this ACC matchup.AdvertisementThis is placeholder textMatt LibermanSt. Paddy’s Day was last weekSyracuse 11, Notre Dame 10SU and Notre Dame are practically polar opposites. Notre Dame has been a model of consistency, not necessarily in the best way, but consistent nonetheless. Notre Dame has never scored fewer than nine goals or more than 12 this season. Meanwhile its opponents have all fallen between seven and 13.With the Orange, we have a season-high 21-goal offensive outburst and three-goal duds as well as a defense that has limited an opponent to four goals, but also given up 18.Coming off a 15-goal performance down in Durham, North Carolina, though, SU showed an ability to shoot efficiently and protect the ball. If the Orange can do the same at home against the Fighting Irish, it should send Notre Dame packing.Josh SchaferIt takes twoSyracuse 14, Notre Dame 12The Orange has won back-to-back games just once this season. That changes Saturday night. Syracuse put together its most impressive offensive performance of the season against a Top 5 defense last weekend in Durham. It’s hard to say that momentum doesn’t carry over against Notre Dame, which sits 21st in the country in scoring defense with nine goals allowed per game. Couple that with Notre Dame’s conference-worst 10.3 goals per game and SU appears to have the advantage. If Syracuse limits itself to fewer than 10 turnovers again this Saturday, expect a repeat of the Duke game and a second-straight win for John Desko and company. Comments Facebook Twitter Google+last_img read more

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Hamilton: Rosberg Says Debate over Rival’s Tactics is ‘Pointless’

first_imgFormula 1 world champion Nico Rosberg has said the debate around Mercedes team-mate Lewis Hamilton’s tactics in the season-ending Abu Dhabi Grand Prix is “pointless”.Hamilton ignored team orders and drove deliberately slowly in an attempt to back Rosberg into rivals.Mercedes could take action against Hamilton, but Rosberg said he “understood” the Briton’s tactics.“It’s done, it’s a thing of the past and it’s fine,” said the German, 31.Hamilton, 31, went into the race 12 points behind Rosberg and needed to win – with the German finishing lower than third – to take the title. Mercedes repeatedly ordered Hamilton to speed up during the race, but he ignored their commands and told his team to “let us race”. Rosberg still finished second to secure his first F1 world title.Speaking on BBC Radio 5 live, Rosberg refused to be drawn on the subject, saying he “respected” Hamilton because they were “really good friends back in the day”.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

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