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Wednesday, 06 January 16
NEW COAL PRICE PASS-THROUGH REGULATION BENEFITS CHINA IPPS - FITCH RATINGS
Fitch Ratings says the new Coal Price Pass-through Mechanism announced by the National Development and Reform Commission (NDRC) on 31 December 2015 will bring highervisibility and stability to China's independent power producers' (IPPs) earnings.
This new mechanism gives a much clearer guidance on the benchmark coal price for reference and when the tariff adjustments will occur, unlike the previous mechanism which did not provide clear details on these items.
The NDRC announced a cut in the on-grid power tariff for thermal power of CNY0.03 per kilo-watt hour (kwh) effective from 1 January 2016 - which the agency considers to be modest compared to the drop in Qinghuangdao coal prices of around 17% since the last tariff revision in April 2015. The tariff reduction is also moderate compared to the end-2015 dark spread for China coal fired plants of around CNY0.25/kwh as estimated by the agency. Nonetheless, we believe the tariff cut may negatively impact thermal power producers whose utilisation hours are under pressure.
The NDRC launched new China Thermal Coal Price Indices by province in September 2015, which will serve as a reference for future tariff adjustments. The new tariff framework will result in annual tariff adjustments by referring to thermal coal prices in 2014 as the benchmark coal price. The review will take place at the end of every year, and adjustments will be effective from 1 January in the following year.
The new mechanism also sets different pass-through factors of between 0.8x to 1.0x for coal price changes of between CNY 30 to 150/ton from 2014 levels; any changes beyond this range will not be passed through. The effective pass-through of cost changes will vary from 0 to 71% within this band of coal price variations. This is lower than the 90% under previous regulations. However, we do not see a high risk of spreads materially contracting for power producers in the foreseeable future as the benchmark coal price (of 2014) is more than 20% higher than current coal price levels, and given our expectation of subdued coal prices in the medium-term.
The new mechanism also introduced an automatic pass-through of a coal-fired power on-grid tariff to commercial and industrial (C&I) retail power tariff, subject to a K-factor adjustment to account for cross-subsidies and various surcharges. Fitch believes that the Chinese government took advantage of current low coal prices to rationalize the relationship between coal prices, the coal-fired power on-grid tariff and the C&I retail power tariff.
However, this new mechanism only regulates the benchmark on-grid tariff, while power tariffs for "market power" through direct purchases by large customers or the power market exchange programme are not covered. While the new tariff regulations provide more clarity and certainty to thermal power producers, Fitch believes that coal-fired power IPPs will continue to face challenges with weakened utilization hours due to low power consumption growth and the addition of large amounts of thermal and renewable power capacity in the medium-term. Although current power sold through the power market or direct purchase is relatively small (less than 10%), more and more power is likely to be sold under the "market power" scheme as an increasing number of provinces will introduce such programs. IPPs also have a strong incentive to participate in "market power" programmes to gain higher utilization, albeit at discounted tariffs.
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Wednesday, 13 January 16
U.S. COAL PRODUCTION DECLINED BY 109 MMST IN 2015; COAL EXPORTS DECREASED 21% Y-O-Y
COALspot.com: U.S. coal production declined by 109 million short tons (MMst) (11%) in 2015, the largest decline ever recorded, says EIA.
The 2 ...
Wednesday, 13 January 16
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Going through the second week of 2016 we could easily argue that at this point there are no visible signs of an imminent recovery in the Dry Bulk m ...
Wednesday, 13 January 16
IRON ORE IMPASSE - A FAILED CLAIM FOR CONVERSION - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the recent case of the “Bao Yue”, the English High Court found that the bill of lading holder was liable t ...
Tuesday, 12 January 16
5700 GAR COAL FOR DELIVERY WITHIN Q1 FELL 0.91% WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin moved South direction week over week to averaging $39.96 per ton on last Friday, acc ...
Monday, 11 January 16
PORT OF NEWCASTLE SHIPPED 20% MORE COAL IN DECEMBER 2015; AVERAGE SELLING PRICE DECLINE 3.43%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.129 billio ...
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Showing 2611 to 2615 news of total 6871 |
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- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
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