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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
 COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze power producers' margins in 2017, says Fitch Ratings. Margins are also expected to suffer as more electricity is sold under direct power sales (DPS) programmes at a discount to the benchmark on-grid tariff as well as from falling plant utilisation levels.
China's National Development and Reform Commission (NDRC) said on 4 January 2017 that the benchmark on-grid tariff for coal-fired power will remain unchanged in 2017, despite a strong coal price rally starting from 3Q16.
Fitch further noted that, China introduced a coal price pass-through mechanism in early 2016, which specifies that coal-fired power generators' on-grid tariff will be reviewed at the start of each year to reflect coal price changes in the previous year. In this week's announcement, the NDRC further specified that the average NDRC national coal price index from November 2015 to October 2016 was used as reference to decide the tariff pass-through amount. According to the price formula, on-grid tariff should increase by CNY0.18 cents per kilowatt hour (KWh) to reflect the coal price change in that period. However, changes less than CNY0.2 cent/KWh will not be made, but will accumulate into the next review period.
Although the current Qinghuangdao seaborne coal price is already 15% lower than its peak in 2016 due to NDRC measures to increase coal supply and contain coal prices, it remains more than 30% higher than the average 2016 price as coal prices were much lower in 1H16. We expect coal prices to fall further with policy intervention; however, the average 2017 coal price, especially in 1H17, is likely to be higher than for the same period last year. As such, dark spread - the difference between power tariffs and unit coal costs - for coal-fired power generators will be lower than in 2015 and early-2016.
At the same time, Fitch said, power volumes sold under DPS are increasing. The NDRC reports that power sold under DPS increased to 700 billion KWh in 2016, up from 430 billion KWh in the previous year. This represents around 12% of China's total power demand or 17% of power demand from the energy-intensive secondary industry, which accounted for around 71% of the country's total power consumption in 2016. According to NDRC, the average discount on DPS is around CNY6.4 cent/KWh, which is around 18% of China's national average on-grid tariff.
However, Fitch estimates the discount for power sold under DPS is around 20% in regions with higher power demand and less competition, and 30% or higher in regions that suffer more from power overcapacity. Coal-fired power generators' dark spread is likely to be further squeezed as China aims to expand the scale of DPS in 2017.
We also expect coal-fired power utilisation hours to decline with slowing power demand growth and still-high capacity additions. We expect some smaller players are likely to be loss-making and forced out of the market, while large-scale and highly-efficient power generators or power-heat co-generation generators in regions with stable power demand or access to lower-cost coal will be final winners under these changes taking place in China electricity market, Fitch concluded.
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Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
Friday, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
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- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
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