Taiwan Renewables Report Q1 2013Published by: Business Monitor International Published: Nov. 14, 2012 - 30 Pages Table of Contents
AbstractBMI View: Our 2013 forecast for non-hydropower renewable energy growth remains at 5.0%,unchanged from the previous quarter. We have however, made significant changes to our long-termforecasts, with the sector projected to average 5.3% per annum between 2013 and 2017 (previously9.1%). This is due to the government's new timeframe for the offshore wind sector, where it hassignificantly stretched out the timeline for one of the largest offshore projects in the country, the 620MWChanghua project. As for solar energy, we remain bullish towards the sector and expect it to grow at afaster pace than wind energy.We expect solar energy generation to grow at the fastest rate among the different renewabletechnologies in Taiwan during 2013. This is primarily because it is starting from a significantly lowerbase than wind or biomass energy. We are forecasting just 23.5 megawatts (MW) of solar capacity inTaiwan at the end of 2013, compared to 630MW and 799MW for wind and biomass capacityrespectively. For the long-term, we have revised down our non-hydropower renewable generation forecast to anaverage of 5.3% per annum between 2013 and 2017, from our previous forecast of 9.1%. This downwardrevision is due to significant delays in one of the Taiwan's largest offshore wind power projects and theintroduction of a new offshore wind programme by the government. Here are the key trends andregulatory changes in the industry: In July 2012, Taiwan's Ministry of Economic Affairs (MOEA) announced a new offshore windprogramme, known as 'the Incentive Program of Offshore Wind Power Demonstration System'.The programme includes a new timeline for two of the country's major offshore wind projects, aswell as a grant and an equipment subsidy for both projects. The government raised FiTs foroffshore wind by 33% and onshore wind by 9.7% in 2011. Rates were cut slightly in 2012 toreflect lower costs. Solar FiTs were cut by 10% in 2012, despite an earlier cut of 8% in 2011. We believe that thesecuts are a result of the slow growth in solar energy, and less than ideal generation conditions. The world’s largest concentrated photovoltaic (CPV) solar plant of 59MW was supposed to havebeen completed in 2011, but development of the Taiwan-based facility has met with delays andit is still uncompleted. The FiT for biomass was raised by 24% in 2012, leading us to predict sustained growth inbiomass generation and capacity in the long run. The major source for biomass generation isbiogas from landfills and municipal solid waste (MSW) currently. Get full details about this report >> |
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