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Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
 China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says Fitch Ratings. The plan, whose main framework was introduced in March 2015, will also help to improve the utilisation of renewable energy.
The reform aims to "regulate the middle and open up the two ends", which includes the implementation of a regulated return-on-asset-based framework for power transmission and distribution. The effective margins under the revised structure are generally lower than the grids' previous profit spread between on-grid and retail tariffs, but Fitch expects the financial impact to be limited with China Southern Power Grid Co., Ltd (CSG; A+/Stable) likely to bear more margin pressure than State Grid Corporation of China (A+/Stable) due to CSG's higher pre-reform return on assets. However, the reform removes price and volume risks for grid companies, resulting in higher cash flow stability.
Market trading is also promoted under the reform, which cuts power generators' average selling prices due to China's oversupply. This has put pressure on coal-fired power plants' profitability, although the impact has been more modest than the effect of high coal prices on generators' margins. Hydropower projects have been less involved in market trading. The "Big Five" central state-owned independent power producers (IPPs) are likely to weather the margin pressures better than local IPPs in regions with higher percentages of market trading due to their asset diversity and ownership of hydro assets.
The move towards market trading helps to improve utilisation of renewable energy, but at the cost of lower and more volatile selling prices. We think the government may gradually reduce guaranteed utilisation hours applicable for renewable energy, shifting more volume to market trading. Wind and solar farms currently suffering from severe curtailment will likely benefit from this the most as their utilisation should improve. However, projects that face little to no curtailment and are already enjoying high utilisation rates could be hurt by lower market prices.
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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- SMG Consultants - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
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