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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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Wednesday, 30 December 15
FINAL DEALS OF THE YEAR TAKING PLACE, AS SHIP OWNERS PREPARE FOR 2016 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Holidays’ investment lull has taken a grip over the newbuilding and S&P market for second hand vessels, as shipbrokers are reporting ...
Tuesday, 29 December 15
CFR SOUTH CHINA COAL SWAPS ROSE MONTH OVER MONTH
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 ...
Monday, 28 December 15
Q2' 15 U.S. STEAM COAL EXPORTS TOTALED 7.0 MMST; DOWN 16.9% FROM Q1 2015 - EIA
COALspot.com: U.S. coal production during second quarter 2015 totaled 211.1 million short tons.
According to EIA’s preliminary quarterly ...
Monday, 28 December 15
NOVEMBER NEWCASTLE COAL EXPORTS DECLINED 11.87%; THE AVERAGE PRICE OF COAL EXPORTS ROSE 1.37%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.120 billio ...
Saturday, 26 December 15
FOB INDONESIA COAL SWAPS KEEP DROPPING
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week.
According to AsiaClear OTC coal swap's rep ...
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- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
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