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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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Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
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- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
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