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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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Tuesday, 08 December 15
HOW TO MITIGATE LEGAL RISKS WHEN PURCHASING BUNKERS - LESSONS LEARNED FROM THE OW BUNKER COLLAPSE - THE SWEDISH CLUB
KNOWLEDGE TO ELEVATE
About a year has passed since OW Bunker & Trading A/S filed for bankruptcy. The collapse shows that there are signifi ...
Monday, 07 December 15
5000 GAR CS (I) COAL INDEX REMAIN THE SAME OVER LAST WEEK
COALspot.com: The 5000 GAR CS (i) coal index remain the same over last week.
According to the CS (i) coal (system generated) index, the CS 50 ...
Monday, 07 December 15
COAL DEMAND IN 2016 FAILS TO SUPPORT PRICES; CFR SOUTH CHINA COAL SWAPS SEEN AT $US 42 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 1.70 (3.88%) per ton month over month.
A commodity swap ...
Sunday, 06 December 15
THE BDI DECLINED BY 3.09 PERCENT TO 563 POINTS ON 4 DECEMBER
COALspot.com: The BDI declined by 3.09 percent to 563 points on 4 December 2015.
The Cape index was also declined by 10.01 percent to 890 poin ...
Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
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- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
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