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Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
 Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) and end-users signal an increase in power trading tariffs, reflecting the gencos' intention to recoup profit amid elevated coal prices and increased participation in market trading by commercial and industrial (C&I) customers, says Fitch Ratings.
Some Chinese power gencos enter into the next year's annual market trading contracts with end-users - mainly C&I customers - at the end of the current year. The bilateral contracts account for most of their annual trading volume and set the tariff agreed upon between both parties.
Jiangsu province's 2022 power market trading volume in these bilateral contracts will rise by 9.7% from a year earlier with the average trading tariff for coal-fired power at CNY466.78/MWh, higher than the local benchmark coal-fired tariff by 19.36% and almost reaching the price ceiling of CNY469.2/MWh. Guangdong province's annual electricity to be sold under the bilateral negotiated trading mechanism in 2022 will rise by 21.1% from a year earlier, and its average selling price will exceed its benchmark tariff by 7.35%, in stark contrast to 2021 when the annual traded power was sold at a discount of 11.56% to the benchmark tariff.
The 2022 annual power trading prices in south Hebei, Shaanxi and Hainan provinces will also approach the upper limit of 20% above their provincial benchmark tariffs.
The higher nationwide market trading tariff in 2022 follows a coal price rally in 2021, which significantly squeezed gencos' profit margins. The Qinhuangdao 5,500kcal/kg benchmark thermal coal price fell to CNY945 per tonne on 18 January 2022 after government intervention, from more than CNY1,300/tonne on average in 4Q21, but prices are still much higher than in 2019 and 2020. Fitch expects provinces that experienced severe power shortages in 2021 to set higher market trading tariffs in 2022, as price hikes are more acceptable by most end-users than blackouts.
The Chinese power trading market has also expanded, as all C&I users are now required to participate, implying higher tariffs as a fixed retail tariff is no longer an option for them. The local power grid can serve as their power purchasing agent in the transitional period, but the tariff it offers tends to be more volatile and sometimes higher than that of long-term contracted power from gencos.
Renewable power trading prices agreed upon between gencos and users in bilateral contracts for 2022 in eastern China will also increase. The average trading price of renewable power in Jiangsu province will be CNY72/MWh, or 8.38%, higher than the coal-fired benchmark tariff, while the average price of green power in Guangdong province will be higher by CNY61/MWh, much wider than the CNY30/MWh-CNY50/MWh premium to the coal-fired benchmark tariff in September 2021 when China's pilot scheme for green power trading started.
Fitch expects the premium of renewable power trading prices to rise further in eastern China, where curtailment risk is low due to strong market demand for electricity. The premium over coal-fired tariff is supported by high demand for renewable power from state-owned users, which are now evaluated by their government parents on their performance in achieving carbon-neutrality goals.
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Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
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