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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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Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at ...
Thursday, 07 January 16
FOB NEWCASTLE COAL SWAPS DELIVERY Q1'16 REMAIN FLAT W-O-W; UP M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.23 per ton (3.35%) this past week compared to the sam ...
Thursday, 07 January 16
SHIPPING WILL REMAIN VOLATILE AND INDISPENSABLE IN 2016 - MOORE STEPHENS
The ultimate definition of an optimist has been characterised as an accordion player with an answerphone. Such extreme optimism might be difficult ...
Tuesday, 05 January 16
BIG COAL MINERS PLAN HIGHER PRODUCTION THIS YEAR - THE JAKARTA POST
The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s c ...
Tuesday, 05 January 16
THE SHIPPING MARKET IN 2015 AND LOOKING FORWARD - BIMCO
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economi ...
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- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
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