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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, 25 December 15
WEEKLY US COAL PRODUCTION ESTIMATES DIP 8.5%
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 14.7 million shor ...
Thursday, 24 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SHED US$ 0.60 PER TON OVER WEEK, AND STANDS AT US$ 43.25 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 ...
Thursday, 24 December 15
GLOBAL MARINE FUEL REGULATIONS COULD SHOCK REFINING AND OIL MARKETS - OPEC | HELLENIC SHIPPING NEWS
IMO regulations call for global standards for sulphur content in marine fuel to be tightened to 0.5% from its present 3.5%. There is uncertainty ov ...
Thursday, 24 December 15
DRY BULKERS' VALUES ARE PLUNGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk carriers’ values are falling across the board, as the fall of freight rates is taking its toll, as is to be expected. In fact, accor ...
Wednesday, 23 December 15
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
As we are heading towards the end of the year we could argue that most of those involved in the shipping industry share mixed feelings for 2015. Th ...
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- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Posco Energy - South Korea
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