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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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Thursday, 10 December 15
FOB RICHARDS BAY COAL Q3' 16 DELIVERY SWAP WAS CLOSED 7.27% PER TON LOWER COMPARED TO AVERAGE Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
Wednesday, 09 December 15
U.S. COAL EXPORTS DECLINE IN 2015 DUE TO SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES - EIA
COALspot.com: The slower growth in world coal demand and lower international coal prices have contributed to a decline in U.S. coal exports in 2015 ...
Wednesday, 09 December 15
DRY BULK EXPERIENCES THE PERFECT STORM - PANOS TSILINGIRIS
Dry bulk experiences the perfect storm as the slowing of demand predominantly because of China sat atop the exaggerated oversupply. The BDI broke t ...
Tuesday, 08 December 15
OPEC'S DECISION BODES WELL FOR THE TANKER MARKET: STRONG MIDDLE EAST CRUDE EXPORTS WILL CONTINUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
OPEC’s latest decision to keep up oil production is seen by shipbrokers as a further boost for the tanker market. At the end of last year OPE ...
Tuesday, 08 December 15
Q1' 16 API 5 FOB NEWCASTLE COAL SWAP CLOSED AT $ 36.73 A TON; 1.73% HIGHER COMPARED TO Q3' 16 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $1.47 per ton (3.85%) month over month to US$ 36.73 per ton. The swap ...
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- Thiess Contractors Indonesia
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- Power Finance Corporation Ltd., India
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- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
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- Africa Commodities Group - South Africa
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- Vijayanagar Sugar Pvt Ltd - India
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- PTC India Limited - India
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- Agrawal Coal Company - India
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- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
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- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
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- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
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- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
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- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
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- Planning Commission, India
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- The Treasury - Australian Government
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- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
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- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- The University of Queensland
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
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