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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, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
...
Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
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- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- VISA Power Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
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