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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, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
Friday, 07 October 16
INDONESIA'S DEMAND FOR COAL REMAINS STRONG: BP
Indonesia's domestic demand for coal shows no sign of slowing down as the country is banking on its coal abundance to meet the country' ...
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- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- The University of Queensland
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
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