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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, 25 December 15
WEEKLY US COAL PRODUCTION ESTIMATES DIP 8.5%
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 14.7 million shor ...
Thursday, 24 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SHED US$ 0.60 PER TON OVER WEEK, AND STANDS AT US$ 43.25 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 ...
Thursday, 24 December 15
GLOBAL MARINE FUEL REGULATIONS COULD SHOCK REFINING AND OIL MARKETS - OPEC | HELLENIC SHIPPING NEWS
IMO regulations call for global standards for sulphur content in marine fuel to be tightened to 0.5% from its present 3.5%. There is uncertainty ov ...
Thursday, 24 December 15
DRY BULKERS' VALUES ARE PLUNGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Dry bulk carriers’ values are falling across the board, as the fall of freight rates is taking its toll, as is to be expected. In fact, accor ...
Wednesday, 23 December 15
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
As we are heading towards the end of the year we could argue that most of those involved in the shipping industry share mixed feelings for 2015. Th ...
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- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
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