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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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Tuesday, 05 January 16
4200 GAR COAL INDEX FALL TOWARD $27;SLIPPED 28.05% YEAR-TO-DATE
COALspot.com: Average 5000 GAR coal index has not moved in the past week, averaging $40.12 per ton on last Thursday, according to CS (i) Coal Index ...
Monday, 04 January 16
CFR SOUTH CHINA COAL SWAP REMAIN FLAT OVER CHRISTMAS & NEW YEAR HOLIDAYS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.68 (1.64%) per ton month over month.
A commodity swap is ...
Friday, 01 January 16
FOB INDONESIA COAL SWAP FOR Q1'16 DELIVERY CLOSED AT $36.75 PER TON
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month but flat week over week.
According to AsiaClear OTC coal swap' ...
Thursday, 31 December 15
COAL PRICES FELL ON WEAK DEMAND
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 ...
Thursday, 31 December 15
2016 FOB NEWCASTLE COAL SWAP RALLY TO CLOSE AT $37.98/TON
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.48 per ton (4.05%) this past week compared to the sam ...
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- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Planning Commission, India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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