In 2010–11 India was Australia’s third largest export market for energy and non-energy mineral commodities, principal export market for gold, second-largest export market for metallurgical coal, and third largest export market for non-energy minerals. In 2010–11, India was Australia’s fourth largest resources and energy trading partner with resources and energy exports valued at around AUD$14.6 billion.
The International Energy Agency (IEA) reports:
“A combination of rapidly increasing energy demand and fuel imports plus growing concern about economic and environmental consequences is generating growing calls for effective and thorough energy governance in India. Numerous policy reforms over the past 20 years have shifted the country’s energy sector from a state-dominated system towards one that is based on market principles. However, with the reform process left unfinished, India now finds itself trapped halfway along the transition to an open and well-performing energy sector.
India suffered from the largest power outage ever in late July 2012, affecting nearly half of the population. While this incident highlights the importance of modern and smart energy systems, it indicates that the country is increasingly unable to deliver a secure supply of energy to its population, a quarter of which still lacks access to electricity.”
With this background in mind and building on the business development activity performed over recent years, ECT elected to join the 8th Australia-India Joint Working group on Energy and Minerals conference staged in New Delhi, India last week.
The conference remains the primary forum for bilateral engagement on resources and energy related matters. Participants include government representatives, researchers and industry.
ECT used the forum to raise awareness of its Coldry technology to an audience of Indian and Australian government delegates, as well as global energy industry representatives.
Attending the forum, Non-Executive Director Mr. Stephen Carter reinforced the importance for the Company to present its technologies in India, given the nation’s projected energy demand in coming decades.
“Globally the need for coal based power is expected to exceed 1300 GW by 2030, led by demand from Asia,” Mr Carter said. “India’s coal imports are forecast to rise to 50 million tonnes in the near term, up from a current 30 million with an anticipated demand of 200 million tonnes by 2025. Data suggests that most Indian power stations have just a weeks’ coal supply as a buffer so energy security is a key policy objective that plays to our offering.”
The conference preceded a series of meetings with various Gujarat-based mining and power generators and Mumbai-based financial institutions.
“ECT is deepening our focus on India on two strategic fronts – that of development of Coldry projects, driven by India’s growing need for secure primary energy sources, and that of a plant & equipment partnership development, given India’s significant capability in engineering fabrication and their low cost base” said Managing Director, Ashley Moore. “The intention behind our conference attendance was to drive progress on both fronts, and builds upon our position developed in India over the last few years.”
“While our program for demonstration of the Coldry technology is focused on delivering initial outcomes here in Victoria, India is a highly prospective market that could benefit greatly from the economic security, energy security and climate security outcomes Coldry can help deliver.”