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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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Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- MS Steel International - UAE
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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