|down under (general article)
CBA's Kelly Bayer Rosmarin says the bank would support a price on carbon in the 'medium term'.Photo: Brendon Thorne
By CLANCY YEATES
The Commonwealth Bank wants to ramp up its lending to renewable energy businesses, and has signalled it believes Australia should ultimately re-intstate a carbon price.
Group executive Kelly Bayer Rosmarin, who runs CBA's institutional bank, on Friday said CBA had "unlimited" appetite for lending to renewable energy, though she also highlighted the challenges banks faced in financing the sector.
As banks try to boost their green credentials, Ms Bayer Rosmarin also said CBA would support the introduction of a carbon emissions trading scheme in Australia in the "medium term," though she also acknowledged the "political realities" in what has been a contentious policy area.
Unlike some smaller lenders, CBA is not capping or restricting lending to carbon-intensive projects such as new coal mines. Nor is it setting a specific target for lending to renewable projects.
However, Ms Bayer Rosmarin argued it was subjecting its new lending to carbon-heavy projects to rigorous scrutiny, at the same time as it tried to accelerate its financing of green energy projects
"Our appetite for lending to the renewables sector is unlimited and we are actively seeking to grow our portfolio, as long as they are good, viable, commercially-backable projects, and they are bankable," she said at a Trans-Tasman Business Circle lunch in Sydney.
Ms Bayer Rosmarin also said the bank would hold a forum allowing people from the "cleantech" and "fintech" sectors to work together.
CBA has $1.64 billion in business lending exposure to renewable sector, and it has financed 180 renewable projects, half of which are in Australia.
"Our exposure to renewables is significantly larger than our exposure to coal, and our exposure to coal has been reducing over the last 10 years," she said.
Even so, a fact sheet published this year shows its exposure to coal ports and transport terminals is $1.7 billion – slightly more than its renewable exposure.
Despite its intention to lend more to renewable energy projects, Ms Bayer Rosmarin highlighted several complexities banks faced in lending to these businesses, including uncertainty over the businesses' future cash flows. One reason for this was the higher level of policy uncertainty in the renewable energy sector in Australia compared with overseas.
She said that in Europe emissions trading was not a political issue because it only made a small impact on electricity prices, and signalled the bank's support for an emissions trading scheme here.
"We would support Australia moving towards a market-based carbon trading scheme in the medium term. However, we understand the political realities of the current policy setting," she said.
CBA is one of the country's biggest lenders to fossil fuels – but in recent months it has won some support from environmental groups. Last week it supported action to limit global warming to 2 degrees, and in August it confirmed it was no longer an adviser to the company planning the vast Carmichael coal mine in Queensland.|
|The chart above looks like an angiogram!|
|Yes, thanks and no probs.|
|Thanks for this gnnmartin.|
|I've no clue. Sorry.|
|gnnmartin, how soon to profitability in your opinion? I've recently re-entered on the basis of the chart, but remain cautious. It still seems early days, as little sign of big orders. I like the way they've refocused on this technology, as it seems the way to go.|
|I will refer to the company as REDT from now on, even when referring to a the past when they were CCE. I expect the name REDT will cause a bit of confusion on bulletin boards, as REDT is the epic for another company, RED 24. The epic for REDT is RED. :-o
I attended the meeting yesterday in order to clear up a few questions I had as a result of recent postings here.
1: the October RNS said their key market program involved placing 19 storage units. I asked how that squared with the earlier statement that we were seeking 12 key sites. There are to be 12 sites, some taking more than one unit.
2: I (and others) were curious about the label "Iona" on the side of the first unit shipped (as seen in Scott's recent brrmedia webcast). REDT have been naming the early units, and the factory where this unit was made were invited to choose the name. They chose Iona: the name has no other significance.
3: I asked if REDT were aware of the PNWL work on an improved (so claimed) vanadium electrolyte (a paper on this was referenced on this board recently). I was told that they had considered using the technology but decided that the possible advantages did not justify the extra risk of moving from a solid established technology to one which might still throw up problems. Once the company is firmly profitable, they may look again as a research project.
4: there was a reference to something which suggested that REDT were looking at the possibility of promoting transport that used vanadium batteries with the electrolyte being charged offline. The exhausted electrolyte would be drained off and replaced with a charged electrolyte. I was doubtful that this would be viable, because the energy to weight ratio of the vanadium electrolyte is so much less than a straight fuel. In fact I was told that this had been the initial plan for REDT some years ago, and REDT did have a patent, but for the reason I gave above, plus others I'll give below, the plan had been dropped and the focus changed to stationary power storage (ie to the current plan). The 'other reasons' were the complex regulations governing fuels that can be carried by public service vehicles, plus the fact that the stationary storage market is much larger.|
|24(th) November 2015
Camco Clean Energy plc
("Camco" or "the Company")
Result of Extraordinary General Meeting to approve change of name
The Company announces that the special resolution proposing a change of the Company name to RedT Energy plc has been duly passed by shareholders at today's extraordinary general meeting.
The shares will trade on AIM under the new name with effect from 8.00 a.m. tomorrow, 25 November 2015, represented by a new ticker "RED" and the same ISIN number (GB00B11FB960).|
|Tully they have just updated their website....they are suppliers to REDT....|
|See also the information in Post 8035
Note the "Diagram" - same in both Pages.
Vanadium batteries are a 100% green, proven technology and superior to lithium for grid storage applications
How Vanadium Redox Flow Batteries work
|I "Googled" REDT Energy about forty minutes ago,(at around 8am), and set the "search" for "past hour". - See link 2
The link to "Vanadium Corp Resource Inc - How VRBs Work" appeared at the top of the page - (still so positioned at Link 2 at 0826).
When activated the link takes you to the article at Link 1.
The article provides a detailed description of VRBs and their operation.
The Source of the text is acknowledged as "Source:REDT Energy Storage" and provides a link to the REDH Energy website.
This is probably all a coincidence - the page may or may not have existed for some time.
However as a minimum, I believe that it is reasonable to suggest that Vanadium Corporation has knowledge of REDT and respect for its technology.
Perhaps more research necessary.......
How VRBs Work
How Vanadium Redox Flow Batteries "VRB" "VRFB" work
|Goodbye Camco Clean Energy and welcome RedT Energy PLC, EGM at 11am...|
|Trade (139,905 shares) at 7p at 1300 today.....
23/11/2015 13:00 139,905 @ 7
23/11/2015 08:54 20,000 @ 6.7
23/11/2015 08:24 30,000 @ 6.49
23/11/2015 08:02 15,384 @ 6.5|
More focus on storage would have been welcome, however the speech was an all-encompassing Energy Policy overview.
Notwithstanding the above, and IMO, the references that were included offer positive business tailwinds for UK energy Storage in the future.
"Government’s first job is to create the environment for new ideas to flourish by getting rid of the barriers that in the way. Some argue we should adapt our traditional model dominated by large power stations and go for a new, decentralised, flexible approach.
Locally-generated energy supported by storage, interconnection and demand response, offers the possibility of a radically different model."
"We are also looking at removing other regulations that are holding back smart solutions, such as demand side response and storage."
"Our intervention has to be limited to where we can really make a difference – where the technology has the potential to scale up and to compete in a global market without subsidy.
DECC funding for innovation is already supporting the development of transformative technologies here in the UK. In energy storage, in low carbon transport fuels, in more efficient lighting."
"By 2025, with a new nuclear power station built, offshore wind competing with other renewables, unabated coal a thing of the past, and smart energy coming into its own we will have transformed our energy system."
18 November 2015
Department of Energy & Climate Change
The Rt Hon Amber Rudd MP
Amber Rudd's speech on a new direction for UK energy policy
From:Department of Energy & Climate Change and The Rt Hon Amber Rudd MP Delivered on:18 November 2015 (Transcript of the speech, exactly as it was delivered) Location:Institution of Civil Engineers, LondonFirst published:18 November 2015
|Other countries have been making steps of their own on renewable power production. The U.S. had a record-breaking year for wind energy in 2012, growing by 28 percent. Sweden is looking to have no dependence on oil by 2020. Australia could be looking at 100 percent renewable energy by 2030. Global solar power world will soon be a net-positive energy source.
Clean Electricity the power of the future!!!|
|Five years ago, the leaders of this sun-scorched, wind-swept nation made a bet: To reduce Portugal’s dependence on imported fossil fuels, they embarked on an array of ambitious renewable energy projects — primarily harnessing the country’s wind and hydropower, but also its sunlight and ocean waves…. Nearly 45 percent of the electricity in Portugal’s grid will come from renewable sources this year, up from 17 percent just five years ago.
There was a massive amount of skepticism over the plan at the time. The Prime Minister at the time, José Sócrates, noted that the nation’s network of electric car charging stations elicited ridicule — including former Italian Prime Minister Silvio Burlusconi who jokingly offered to build him an electric Ferrari. While a totally electric version isn’t available, the fastest Ferrari ever was unveiled last month, and it’s a hybrid.
Some locals complained about higher utility bills or the green economy bypassing them, while others were thrilled. The Mayor of Moura explained that the reason his town got the nation’s largest solar plant was because it “gets the most sun of anywhere in Europe and has lots of useless space.”|
|Portugal is all up for renewable,s, trust me I live here...from my house I must be able to see 100 wind turbines, this is not just limited to my area, when you fly over portugal you see masses of wind turbines dotted all over, when you understand portuguese mentality, they will want to be first to achieve 100% renewables energy supply ....
Portugal’s electricity network operator announced that renewable energy supplied 70 percent of total consumption in the first quarter of this year. This increase was largely due to favorable weather conditions resulting in increased wind and water flow, as well as lower demand. Portuguese citizens are using less energy and using sources that never run out for the vast majority of what they do use.
Hydropower supplied most: Hydroelectric power supplied 37 percent of total electricity — a 312 percent increase compared to last year.
Wind turbines broke a record: Wind energy represented 27 percent of the total share, which is 60 percent higher than last year. This is 37 percent above average and good for the highest amount generated by wind in Portugal, ever.
2.3 percent less energy used: Energy consumption has fallen every year since 2010 and is now at 2006 levels. Some of the drop this quarter was due to fewer working days and a warmer winter, but even controlling for those factors, there was still a drop of .4 percent.
Not so much solar: Solar energy supplies only .7 percent of total energy demand, according to 2012 figures (Q1 2013 figures were not available for solar). This constitutes 225.5 MW in total photovoltaic capacity.
Dropping the fossil fuel habit: Portugal’s electricity had 29 percent less coal and 44 percent less gas in it from 2012 figures. The country must import the fossil fuels it burns.
For sale: Portugal exported what would have been 6 percent of total electricity consumption to other countries. It will also be able to sell a chunk of its allotted carbon credits offered by the EU’s carbon trading system.
Actually 70 percent isn’t unheard of for Portugal. For a few hours in 2011, Portugal was entirely run on renewable power. Yet this was the first time so much was sustained for a quarter.|
|Tully good to have what you are saying backed up, appreciate your post as always..you rarely post unless you have something of interest.|
|dlg - was preparing post on the same subject.|
|Hopefully the seeding units will provide comfort to recipients that CCE/REDT can manufacture, (in quantity if required),supply, install and commission such units according to specifications previously discussed.
The reliability of the units has been demonstrated already by the 60kWh ESS at Evora, Portugal, which has been operational since October 2013 (see link below).
I suspect that technical performance data for that unit and the opportunity to visit and inspect the system will have formed part of the pre-seeding marketing campaign.
On that basis,then procurement decisions by potential customers could be expedited with confidence, if ESSs were required to meet their earlier requirements?
All IMO / DYOR
Camco Clean Energy PLC Launch of European Commission's PVCROPS project
20 October 2014
"The objectives of the PVCROPS project are to develop improved management, efficiency and cost reduction for renewable energy generated from solar PV installations. While today marks the official launch, the Evora system has been in operation at the University of Evora for the past 12 months, and has been successfully running though various system configurations."|
|troutisout REDT have already had a trial unit running in Evora.....do some homework on EDP.pt......they are huge on renewable,s.... the EVORA unit has been running for a couple of years and EVORA is EDP,s center for smart grid trials.... so the test phase is already over....the 19 units are just to show prospective clients..... when A client says can I see a working unit, they do not want to travel half way round the world, so it is easier if you have a unit within a 1000 or 2000 miles.....|
|2016 will be REDT,s year.... DYOR|
|There is reference to REDT receiving over 5000 people showing intrest ....that will do for starters!!! 10% success rate 500 orders...|