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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, 21 November 16
CHINA IS ESTIMATED TO SEE HIGHEST IMPORTED COAL DEMAND LEVEL IN 2017, POLL SAYS
“Which country is estimated to see highest imported coal demand level in 2017?”
The on-line opinion poll conducted by COALsp ...
Monday, 21 November 16
KOMIPO IS LOOKING FOR 140K MT OF SUB-BITUMINOUS COAL FOR FEB-MAR 2017 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 140,000 Metric Tons of Sub-Bituminous coal for i ...
Monday, 21 November 16
BALTIC DRY INDEX SURGES TO 1257 POINTS W/E 18 NOV; BPI ROSE 37.3% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally continues this past week and ending on a positive n ...
Friday, 18 November 16
CAPESIZE: THE COMMODITIES PRICES ARE INCREASING, RESULTING IN MORE DEMAND AND CONSEQUENTLY RATES ARE MAKING A BIG JUMP - FEARNLEYS
Supramax
Apart from booming S. Africa where owners have obtained USD 14-15k to MEG/India and around mid USD 12k to China, the Pacific market has ...
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
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- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
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