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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
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- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
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- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
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- Petron Corporation, Philippines
- Mercator Lines Limited - India
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- Videocon Industries ltd - India
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- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- The University of Queensland
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
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- Power Finance Corporation Ltd., India
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- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
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