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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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Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at ...
Thursday, 07 January 16
FOB NEWCASTLE COAL SWAPS DELIVERY Q1'16 REMAIN FLAT W-O-W; UP M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.23 per ton (3.35%) this past week compared to the sam ...
Thursday, 07 January 16
SHIPPING WILL REMAIN VOLATILE AND INDISPENSABLE IN 2016 - MOORE STEPHENS
The ultimate definition of an optimist has been characterised as an accordion player with an answerphone. Such extreme optimism might be difficult ...
Tuesday, 05 January 16
BIG COAL MINERS PLAN HIGHER PRODUCTION THIS YEAR - THE JAKARTA POST
The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s c ...
Tuesday, 05 January 16
THE SHIPPING MARKET IN 2015 AND LOOKING FORWARD - BIMCO
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economi ...
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- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
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