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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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Sunday, 13 December 15
THE LOW VESSEL DEMANDS PUSHED DOWN BALTIC DRY INDEX FURTHER DOWN
COALspot.com: The low vessel demand across nearly all vessel sizes pushed the Baltic Exchange’s main sea freight index further down in this F ...
Sunday, 13 December 15
DRY BULK RATES KEEP ON FALLING AS LOW VESSEL DEMAND IS STILL THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market nowadays is in an endless downward spiral, which as it turns out is unable to recover, at least as long as the current balance ...
Friday, 11 December 15
US COAL PRODUCTION UP 7.7% IN WEEK ENDED DECEMBER 5, 2015
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 10 December 15
LIENING CARGO - WHICH LIEN CLAUSE APPLIES TO THE BILL OF LADING? : WIKBORG REIN | HELLENIC SHIPPING NEWS
KNOWLEDGE TO ELEVATE
In a dry bulk market where a charterer is not paying freight or hire, its counterparty is often left to consider whether ...
Thursday, 10 December 15
CANADIAN MINER TECK ANNOUNCES LNG HAUL TRUCK PILOT PROJECT
Teck Resources Limited is piloting the use of liquefied natural gas (LNG) as a fuel source in six haul trucks at its Fording River steelmakin ...
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- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
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