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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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Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
Monday, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
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- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Planning Commission, India
- Australian Coal Association
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
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