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.


A Top Industry Advisor, Long Singing the Coal-Export Anthem, Follows a New Tune

A Top Industry Advisor, Long Singing the Coal-Export Anthem, Follows a New Tune

Firm Continues to Distance Itself From Its Previous Assessments

Wood Mackenzie in the lead-up to the collapse in the coal industry was the principal major business consultancy driving bullishness on the global coal trade. Granted, Wood Mackenzie is a firm with a great brand name—much of it deserved. Its coal-export analysis in recent years is not among the sagas that have earned it its strong reputation, […]

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GVK, Indian Player in Proposed Alpha Coal Mine, Makes No Mention of Project in Latest Filings

Financial Close Remains as Elusive and Distant as Ever for Development Plans in Northern Australia

India’s GVK Power & Infrastructure Limited this weekend reported its year-to-March 2016 results, detailing its fourth consecutive annual loss. Net debt increased US$435 million to a record high of US$3.5 billion. In contrast, shareholders equity shrank 30 percent year on year to US$202 million. Earnings Before Interest and Tax (EBIT) covered just 36 percent of […]

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Coal Decline Steepens in 2016 in India, China, U.S.

Coal Decline Steepens in 2016 in India, China, U.S.

Indian Coal Imports Drop 15% in April 2016, Again; China’s Jan-April 2016 Coal Production Down 6.8%

The global coal industry continues to reel under the inevitable triple pressures of excessive financial leverage, tightening global climate policy consensus and a technology driven transformation that is increasingly transferring pricing power from global fossil fuel conglomerates to energy consumers. The result is accelerating energy sector deflation across oil, liquid natural gas and coal. Expectations […]

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Mitsui Joins Japanese Financiers Fleeing Coal


Like each of the Japanese trading houses, Mitsui & Co has this week reported a net loss for the year on the back of massive write-downs on its resource holdings. As per the excerpts below from a Reuters article on the development below, the CEO has announced near term plans to sell a third of […]

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Peabody’s Latest Financials Raise Doubts on ‘Business as Usual’ Expectations in Australia

Legal or Accounting Gymnastics Involving Opaque Offshore Structures?

In reporting its 1Q2016 results last week, Peabody Energy says it lost US$228m for the three months to March 2016 (before a notional tax credit), a more than doubling of the pretax loss evident in 1Q2015. How management could have deferred Chapter 11 as long as they did seems bizarre given the company has been […]

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Energy-Sector Advances: India and China

Tighter Lending Drives Transformation: Solar Gains Widely

As India’s huge energy markets continue to transform, solar production is gaining momentum globally. New developments of note are occurring weekly. Not unrelated to India’s transformation is the Reserve Bank of India’s (RBI) recent tightening of corporate loan availability, a policy that is forcing the Indian banking sector to acknowledge the extent to which corporates, energy […]

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In Adani’s New Data, a Shift to Renewables


Indian Conglomerate Goes Quiet on Carmichael Coal Project in Australia


Adani Enterprises Ltd (AEL) yesterday reported its 2015/16 financial year to March 2016 result.[i] Net profit was US$158m. Results are not comparable to the previous year given the deconsolidation of Adani Power, Adani Transmission and Adani Ports, which halved the book value of shareholders equity to US$2.0bn. Adani Enterprises remains relatively heavily geared, with net […]

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Rapid Energy-Sector Advances in India and China

Tighter Lending Drives Transformation: Solar Gains Widely

As India’s huge energy markets continue to transform, solar production is gaining momentum globally. New developments of note are occurring weekly. Not unrelated to India’s transformation is the Reserve Bank of India’s (RBI) recent tightening of corporate loan availability, a policy that is forcing the Indian banking sector to acknowledge the extent to which corporates, energy […]

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Signs of Capital Flight Acceleration From Fossil Fuels as Regulatory Pressure Builds

Swedish Energy Giant Vattenfall AB Is Paying a Less-Discerning Czech €1.7 Billion to Take Coal Assets Off Its Hands

IEEFA continues to see new evidence supporting forecast that the global electricity sector is undergoing a rapid transformation. Change is being driven by the combination of technology innovation, a global policy shift, and the financial market’s increasing acceptance that stranded asset risk is significantly underestimated—and growing. Moves by the government this last week by the […]

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2015 Wind-Installation Record Is Another Indicator of Electricity-Sector Transformation

2015 Wind-Installation Record Is Another Indicator of Electricity-Sector Transformation

A Trend Driven by Technology Improvements, Affordability, and Increasingly Favorable Public Policy

The Global Wind Energy Council’s annual review of the wind sector in 2015 provides further evidence of the accelerating momentum in the world’s shift to a lower-emissions global economy.   GWEC reports annual installation growth of 22 percent year over year to a record 63.5 gigawatts. Cumulative global installs reached 432.9 gigawatts. This builds on […]

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