Author Archive: Tim Buckley

Director of Energy Finance Studies, Australasia, Tim Buckley has 25 years of financial markets experience, specializing in equity valuation, including as a top-rated analyst and as co-founder and managing director of Arkx Investment Management.


IEEFA Update: Adani Has Gone Quiet on Its Australia Coal Mega-Project

Developer Lacks the Capacity to Go Forward on Carmichael

The latest quarterly financial report from Adani Enterprises Ltd. is illuminating in no small part for what it does not say. Adana is the company that for years has championed construction of the proposed Carmichael project in Australia, a multi-billion-dollar undertaking that would purport to supply coal to India. Yet the project gets no acknowledgement […]

Read More →

IEEFA India: A Momentous Solar Event

Signs of a Fundamental Market Shift; Implications for Emerging Markets Everywhere

A matter of hours after we commented this week on a record low bid for solar project development in India, that record fell again. The three winning bids for the 750MW auction, by Mahindra Renewables, Acme Solar, and Solenergi Power, came in at below Rs2.97-Rs2.979/kWh. Bidding opened at Rs3.59-3.64/kWh. The results, for rights to develop […]

Read More →

IEEFA India: Latest Record-Low Bids Underscore Solar’s Commercial Viability

International Coal Markets Are at Risk as Transformation Continues

As India was crossing the 50-gigawatt (GW) threshold for cumulative installed renewable energy capacity (excluding large hydro), the initial bids for its first major solar auction of 2017 were announced—and came in at a record low Rs3.59-3.64/kWh this week. That’s down 16 percent year on year against the previous record low bid. This trend is not […]

Read More →
IEEFA Asia: More Bad Numbers for Adani; a Renewables Merger in India; Change of Note in China

IEEFA Asia: More Bad Numbers for Adani; a Renewables Merger in India; Change of Note in China

Why a Massive Proposed Coal Project Remains Unbankable

Adani Power Ltd reports another net loss—of US$48 million—in the three months through December. This puts the company as the proposed cornerstone customer in a plan to build the massive Adani Enterprises Carmichael coal project in Queensland on track for its fifth year of enormous losses since FY2012. The latest numbers highlight the strategic weakness of […]

Read More →
IEEFA Mexico: What Can Happen When an Emerging Market Opens Up to Wind and Solar

IEEFA Mexico: What Can Happen When an Emerging Market Opens Up to Wind and Solar

Two Big Auctions in 2016 Were Heavily Oversubscribed and Resulted in Record Low Prices

Twice in 2016 Mexico held two renewable power auctions that raised significant investor participation. The most recent, in September, saw 23 winning bids out of a pool of 57 to build renewable projects worth $4 billion for 2,871 megawatts of new capacity. More important, the average price at the auctions was US$33.47 per megawatt hour, […]

Read More →
IEEFA Update: In Emerging Economies, New Forms of Renewable-Energy Financing Are Taking Root

IEEFA Update: In Emerging Economies, New Forms of Renewable-Energy Financing Are Taking Root

Growing Demand for Greater Access to Capital Markets

As the size and scope of renewable energy projects increase at an unprecedented rate across the global economy, traditional models of finance are being replaced by more innovative ones. In the more developed markets of the world, yieldcos (dividend-driven spin-offs of larger parent companies) alongside green bonds and infrastructure funds are channeling investment capital into […]

Read More →

IEEFA Update: Reading Between the Lines of the International Energy Agency’s Spin on Coal

An Industry-Influenced Report Clouds Key Data; Acknowledgement of Financing Difficulties and Failures in Technology

In its new “Medium Term Coal Outlook Report,” published today, the International Energy Agency says quite a lot—but it doesn’t say it very clearly. The report is written by the thermal power unit of the IEA with input from Wood Mackenzie, which gets lots of business from the coal industry, and from the Coal Industry […]

Read More →
IEEFA Latin America: Indications, in the Activity of an Italian Company, of How Emerging Markets Are ‘Skipping a Generation’ and Going Straight to Renewables

IEEFA Latin America: Indications, in the Activity of an Italian Company, of How Emerging Markets Are ‘Skipping a Generation’ and Going Straight to Renewables

ENEL Is Betting That Developing Economies Will Go Big on Solar, Wind, and Hydro

In its updated plan for 2017-2019, the Italian utility ENEL SpA has expanded its earnings targets with an aggressive capital-expenditure program for 6.7 gigawatts of renewable energy capacity. And that’s just over the next three years, which probably makes ENEL the largest single investor globally at the moment in such capacity. Of crucial note here: […]

Read More →

IEEFA Australia: In India’s Trend Toward Renewables, Winds of Coal-Market Change

A Powerful Indicator of Global Changes in How Electricity Is Produced and From Which Sources of Energy

Revelations last week that Labor has plans to progressively retire Australia’s coal-fired power stations put the cat among the energy pigeons, not least for unanswered questions about the security of future energy needs and renewable energy targets. Nevertheless, the fact is Australia is being buffeted by winds of change blowing far from our shores. On […]

Read More →
IEEFA India: Electricity-Sector Transition Picks Up Speed

IEEFA India: Electricity-Sector Transition Picks Up Speed

What’s Happening in Energy Markets Across Asia Will Not Stay in Asia

India’s latest electricity-sector report offers some striking insights into momentum around the country’s electricity-sector transformation. Thermal power plant utilization rates have collapsed to below 50 percent, the growth rate in new builds has halved, and renewable power generation is up 26 percent year on year, gaining six times faster than conventional power generation growth (4.5% […]

Read More →