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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, 18 December 15
CHINA GROWTH SHOCK TO HIT ENERGY, SHIPPING, STEEL MOST - FITCH
Energy, shipping and steel would be the hardest-hit sectors in Asia-Pacific (APAC) in the event of a sharp slowdown in Chinese growth, says Fitch R ...
Friday, 18 December 15
WEEKLY U.S. COAL PRODUCTION REMAINS FLAT ACROSS ALL BASINS
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 17 December 15
THE LOW DEMAND AND EXCESS COAL OUTPUT, KEEP THE FOB INDONESIA COAL SWAPS UNDER PRESSURE
COALspot.com: Indonesian coal swap for delivery Q1 2016 rose month on month and decline slightly week over week. For the week ended December 11, 20 ...
Thursday, 17 December 15
GLADSTONE PORT COAL RECORD LOOMING, EXPORTS UP 12% - GLADSTONE OBSERVER
COAL exports from Gladstone's port have taken a leap, with more than seven million tonnes leaving the wharves in November.
That increase i ...
Wednesday, 16 December 15
FOB RICHARDS BAY COAL SWAP SLUMP 5.5% FROM LAST MONTH
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
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- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Australian Coal Association
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- White Energy Company Limited
- PTC India Limited - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
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