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Wednesday, 06 January 16
NEW COAL PRICE PASS-THROUGH REGULATION BENEFITS CHINA IPPS - FITCH RATINGS
Fitch Ratings says the new Coal Price Pass-through Mechanism announced by the National Development and Reform Commission (NDRC) on 31 December 2015 will bring highervisibility and stability to China's independent power producers' (IPPs) earnings.
This new mechanism gives a much clearer guidance on the benchmark coal price for reference and when the tariff adjustments will occur, unlike the previous mechanism which did not provide clear details on these items.
The NDRC announced a cut in the on-grid power tariff for thermal power of CNY0.03 per kilo-watt hour (kwh) effective from 1 January 2016 - which the agency considers to be modest compared to the drop in Qinghuangdao coal prices of around 17% since the last tariff revision in April 2015. The tariff reduction is also moderate compared to the end-2015 dark spread for China coal fired plants of around CNY0.25/kwh as estimated by the agency. Nonetheless, we believe the tariff cut may negatively impact thermal power producers whose utilisation hours are under pressure.
The NDRC launched new China Thermal Coal Price Indices by province in September 2015, which will serve as a reference for future tariff adjustments. The new tariff framework will result in annual tariff adjustments by referring to thermal coal prices in 2014 as the benchmark coal price. The review will take place at the end of every year, and adjustments will be effective from 1 January in the following year.
The new mechanism also sets different pass-through factors of between 0.8x to 1.0x for coal price changes of between CNY 30 to 150/ton from 2014 levels; any changes beyond this range will not be passed through. The effective pass-through of cost changes will vary from 0 to 71% within this band of coal price variations. This is lower than the 90% under previous regulations. However, we do not see a high risk of spreads materially contracting for power producers in the foreseeable future as the benchmark coal price (of 2014) is more than 20% higher than current coal price levels, and given our expectation of subdued coal prices in the medium-term.
The new mechanism also introduced an automatic pass-through of a coal-fired power on-grid tariff to commercial and industrial (C&I) retail power tariff, subject to a K-factor adjustment to account for cross-subsidies and various surcharges. Fitch believes that the Chinese government took advantage of current low coal prices to rationalize the relationship between coal prices, the coal-fired power on-grid tariff and the C&I retail power tariff.
However, this new mechanism only regulates the benchmark on-grid tariff, while power tariffs for "market power" through direct purchases by large customers or the power market exchange programme are not covered. While the new tariff regulations provide more clarity and certainty to thermal power producers, Fitch believes that coal-fired power IPPs will continue to face challenges with weakened utilization hours due to low power consumption growth and the addition of large amounts of thermal and renewable power capacity in the medium-term. Although current power sold through the power market or direct purchase is relatively small (less than 10%), more and more power is likely to be sold under the "market power" scheme as an increasing number of provinces will introduce such programs. IPPs also have a strong incentive to participate in "market power" programmes to gain higher utilization, albeit at discounted tariffs.
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Sunday, 10 January 16
LNG BUNKERING IN ASIA: FUELING A PROMISING FUTURE? - REED SMITH
The requirement of a mandatory reduction of sulphur content in bunker fuel proposed by the International Maritime Organisation (IMO) poses a challe ...
Saturday, 09 January 16
BALTIC DRY INDEX SINKS 10% WEEK OVER WEEK TO AN ALL-TIME LOW OF 429 POINTS
COALspot.com: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, decline around 10% we ...
Friday, 08 January 16
FOB INDONESIA COAL SWAP FOR DELIVERY H1'16 REMAIN FLAT AS DEMAND DROPS OFF
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month, flat week over week. The price for coal has been in a Dull Market sinc ...
Friday, 08 January 16
FOB RICHARDS BAY COAL SWAP FOR Q2'16 DELIVERY CLOSED UP $0.13 AT $45.50 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Friday, 08 January 16
WEEKLY US COAL PRODUCTION DECLINES 1.6% TO 11.7 MMST, SAYS EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.7million short ...
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Showing 2616 to 2620 news of total 6871 |
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- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
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