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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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- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
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