Author Archive: Simon Nicholas

Energy Finance Analyst Simon Nicholas, a fellow of the Institute of Chartered Accountants of England and Wales. Nicholas joined the IEEFA team in July 2016, after 16 years’ experience within the finance industry at ABN Amro, Macquarie Group and Commonwealth Bank of Australia in both Sydney and London.

IEEFA Update: One More Strike Against Adani’s Plans in Australia—India’s Two Largest Import-Coal Plants are in Severe Financial Distress

As Price of Renewables Goes Down, the Case for Import Coal Becomes Less and Less Viable

New developments in both the political and energy scene in India are increasing the possibility that Adani would be unable to export coal to India if it builds its proposed Carmichael mine in Australia’s Galilee Basin. India’s two largest import-coal power plants – Adani Power’s 4.6 GW Mundra plant and Tata Power’s own 4.0 GW […]

IEEFA Australia: Adani’s Bad Month

Few Financiers for a Project on the Ropes

The potential for Adani’s Carmichael coal mine proposal in northern Australia took a dramatic turn this week as one major Chinese bank after another ruled out financing the project. The news comes shortly after Queensland state’s Labor Party government promised to block a federal taxpayer-funded loan to Adani if re-elected—and odds are the party has […]

December 8, 2017 Read More →

IEEFA Update: Beijing May Intercede to Save Adani’s Australian Coal Project

A Deal May in the Works With China Machinery Engineering Corp., the Export-Import Bank of China and the China Construction Bank

Struggling to secure financing for is Carmichael mine-and-coal project, Adani is now exploring the possibility of sponsorship by Chinese state-owned enterprises. According to various sources, the state-owned China Machinery Engineering Corporation (CMEC) appears to be the leading contender for engineering, procurement and construction contracts for key parts of the proposed Carmichael mine and/or rail projects. […]

November 3, 2017 Read More →
IEEFA Asia: China’s Utility Sector Is in Change Mode

IEEFA Asia: China’s Utility Sector Is in Change Mode

Major Reorganizations in Progress as the World’s Most Populous Nation Moves Away From Coal

As regressive policies are being pursued noisily in the U.S. and Australia in hopes of salvaging the fading coal-fired power sector, news has broken more quietly around China’s persistence in moving aggressively toward a 21st-century energy economy. The most populous country on the planet is on course to install 50 gigawatts (GW) of solar-powered electricity […]

October 31, 2017 Read More →

IEEFA Update: Renewables in Coal Country

Where Australian Mining Jobs Once Prevailed, a Wave of New-Energy Development Has Arrived

Defying the policy uncertainty that has held back utility-scale solar across most of the rest of Australia, renewables investment is gathering pace across Queensland, a region traditionally known as coal country. Collinsville, a North Queensland town with strong ties to coal, is already host to two solar projects: Edify Energy’s 70-megawatt Whitsunday Solar Farm and […]

September 5, 2017 Read More →
IEEFA Australia: The Odds Against Adani’s Mega-Mine Are Growing

IEEFA Australia: The Odds Against Adani’s Mega-Mine Are Growing

Project Remains Unbankable and Cannot Proceed Without Government Subsidies

Last week’s news that Commonwealth Bank, Australia’s largest, has ruled out financing for the proposed Carmichael project because of the climate risk it comes with is but the latest in the long drip of events adding to the probability the mega-mine-and-rail complex will never be built. In fact our view has only hardened that Carmichael […]

IEEFA Update: A Sense of Desperation in Global Coal-Expansion Campaigns

Investors Grow Wary of Reputational, Regulatory and Return Risk

Coal apologists the world over like to cite spurious “facts” to support their argument for new investments in coal projects. A commonly heard theme: We need more coal because it’s cheap. In Australia, the government’s chief scientist’s call for a national “clean energy target” has set off a wave of highly dubious claims about coal […]

August 4, 2017 Read More →
IEEFA Australia: Hume Coal Proposal Will Be Left Behind as Energy Markets Move On

IEEFA Australia: Hume Coal Proposal Will Be Left Behind as Energy Markets Move On

New Coal Mine Makes Even Less Sense than It Did Last Year; Hume Will Find it Hard to Compete with Higher-Quality Coking Coal

Despite the significant increase in coking coal prices that began in late 2016, the proposed Hume Coal project in the Southern Highlands of New South Wales seems no more likely to proceed now than it did when IEEFA reviewed it ten months ago. Hume Coal, a subsidiary of South Korea’s largest steel maker POSCO, has […]

IEEFA Update: Signs in Bangladesh of a Budding Electricity-Sector Transition

Delays in Coal-Fired Plant Construction; Material Progress Toward Utility-Scale Solar Generation

Bangladesh’s latest national power-development update shows a small but notable shift under way: Construction of new coal-fired power plants is being delayed while a nascent solar industry begins to take root. The country nonetheless remains perilously dependent on fossil-fuel imports and has yet to truly embrace adoption of renewable energy on a scale that would […]

IEEFA Update: An Increasingly Cursed Australian Coal Project

IEEFA Update: An Increasingly Cursed Australian Coal Project

Bad Financials, Weak Markets, Policy Headwinds, Social-License Issues, Transparency Questions, Climate Risk: The Many Afflictions Hobbling the Proposed Carmichael Mine

IEEFA has released an update today on Adani’s long-festering coal mine project in northern Queensland that plumbs the depths of the Indian conglomerate’s financials and finds them vastly insufficient for the supposed job at hand. Our report— “Adani: Remote Prospect: Carmichael Status Update 2017”—follows on previous work we’ve done around what would be the biggest new coal […]