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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, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
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- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- White Energy Company Limited
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- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
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