Chile Doubles Its Renewable-Energy Target; Japanese Steel Plate Sees Increase

Chile is shaking things up and has “doubled its renewable-energy target and may solicit competitive bids in 2015 for contracts to sell electricity as the South American nation seeks to spur investment in new power plants and curb its reliance on imported fossil fuels,” reports Bloomberg.

“Utilities must get 20 percent of their power from renewable sources by 2025. That will work out to 6,500 megawatts of capacity from projects including solar farms and small hydroelectric dams, up from about 1,000 megawatts now, according to Maria Paz de la Cruz, director of Chile’s Renewable Energy Center, a government agency. President Sebastian Pinera signed the new target into law today.”

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The week’s biggest mover on the weekly Renewables MMI® was Japanese steel plate, which saw a 2.8 percent increase. US steel plate prices held steady from the previous week. The price of Korean steel plate did not change since the previous week.

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Chinese renewables prices were mixed for the week. Chinese steel plate prices were off slightly, down from a week ago. In the past week, silicon saw its price shift up 0.7 percent. The price of Chinese cobalt cathodes declined 0.5 percent over the past week. Neodymium remained unchanged for the week.

US grain-oriented electrical steel (GOES) was unchanged.

The Renewables MMI® collects and weights 8 metal price points used extensively within the renewable energy industry to provide a unique view into renewable energy metal price trends. For more information on the Renewables MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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