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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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Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
Saturday, 09 January 16
BALTIC DRY INDEX SINKS 10% WEEK OVER WEEK TO AN ALL-TIME LOW OF 429 POINTS
COALspot.com: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, decline around 10% we ...
Friday, 08 January 16
FOB INDONESIA COAL SWAP FOR DELIVERY H1'16 REMAIN FLAT AS DEMAND DROPS OFF
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month, flat week over week. The price for coal has been in a Dull Market sinc ...
Friday, 08 January 16
FOB RICHARDS BAY COAL SWAP FOR Q2'16 DELIVERY CLOSED UP $0.13 AT $45.50 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Friday, 08 January 16
WEEKLY US COAL PRODUCTION DECLINES 1.6% TO 11.7 MMST, SAYS EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.7million short ...
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Showing 2616 to 2620 news of total 6871 |
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- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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