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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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Sunday, 13 December 15
THE LOW VESSEL DEMANDS PUSHED DOWN BALTIC DRY INDEX FURTHER DOWN
COALspot.com: The low vessel demand across nearly all vessel sizes pushed the Baltic Exchange’s main sea freight index further down in this F ...
Sunday, 13 December 15
DRY BULK RATES KEEP ON FALLING AS LOW VESSEL DEMAND IS STILL THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market nowadays is in an endless downward spiral, which as it turns out is unable to recover, at least as long as the current balance ...
Friday, 11 December 15
US COAL PRODUCTION UP 7.7% IN WEEK ENDED DECEMBER 5, 2015
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 10 December 15
LIENING CARGO - WHICH LIEN CLAUSE APPLIES TO THE BILL OF LADING? : WIKBORG REIN | HELLENIC SHIPPING NEWS
KNOWLEDGE TO ELEVATE
In a dry bulk market where a charterer is not paying freight or hire, its counterparty is often left to consider whether ...
Thursday, 10 December 15
CANADIAN MINER TECK ANNOUNCES LNG HAUL TRUCK PILOT PROJECT
Teck Resources Limited is piloting the use of liquefied natural gas (LNG) as a fuel source in six haul trucks at its Fording River steelmakin ...
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- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
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