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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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Tuesday, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
Thursday, 31 December 15
2016 FOB NEWCASTLE COAL SWAP RALLY TO CLOSE AT $37.98/TON
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.48 per ton (4.05%) this past week compared to the sam ...
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- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
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