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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, 23 December 15
FOB NEWCASTLE COAL SWAP CLOSES FIRM
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery up $0.45 per ton (1.22%) month over month to US$ 37.20 per ton. The swap wa ...
Tuesday, 22 December 15
3800 GAR INDEX CLOSED AT US$ 22.03 PER TON; DOWN 0.15% W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.03 per ton (-0.07 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 21 December 15
Q3' 2016 CFR SOUTH CHINA COAL SWAP CLOSED SLIGHTLY LOWER COMPARE TO Q1'16 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery up US$ 0.20 (0.48%) per ton month over month.
A commodity swap is a ...
Sunday, 20 December 15
THE FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI facing all time low's this week. The bulk dry index closed at 477 points on 18 December 2015.
The cape index was als ...
Friday, 18 December 15
WHEN IS A MASTER ENTITLED TO REFUSE DAMAGED CARGO? A REMINDER - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreeme ...
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- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
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- Coal and Oil Company - UAE
- The University of Queensland
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- Goldman Sachs - Singapore
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- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
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- Vedanta Resources Plc - India
- Australian Coal Association
- Parliament of New Zealand
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- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
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- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
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- MS Steel International - UAE
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- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
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- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
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- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
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- TeaM Sual Corporation - Philippines
- Planning Commission, India
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- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
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- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
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