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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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Thursday, 10 December 15
FOB RICHARDS BAY COAL Q3' 16 DELIVERY SWAP WAS CLOSED 7.27% PER TON LOWER COMPARED TO AVERAGE Q1' 16 DELIVERY PRICE
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 decline month over month and week over week.
The Q1’ 2016 &nbs ...
Wednesday, 09 December 15
U.S. COAL EXPORTS DECLINE IN 2015 DUE TO SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES - EIA
COALspot.com: The slower growth in world coal demand and lower international coal prices have contributed to a decline in U.S. coal exports in 2015 ...
Wednesday, 09 December 15
DRY BULK EXPERIENCES THE PERFECT STORM - PANOS TSILINGIRIS
Dry bulk experiences the perfect storm as the slowing of demand predominantly because of China sat atop the exaggerated oversupply. The BDI broke t ...
Tuesday, 08 December 15
OPEC'S DECISION BODES WELL FOR THE TANKER MARKET: STRONG MIDDLE EAST CRUDE EXPORTS WILL CONTINUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
OPEC’s latest decision to keep up oil production is seen by shipbrokers as a further boost for the tanker market. At the end of last year OPE ...
Tuesday, 08 December 15
Q1' 16 API 5 FOB NEWCASTLE COAL SWAP CLOSED AT $ 36.73 A TON; 1.73% HIGHER COMPARED TO Q3' 16 PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $1.47 per ton (3.85%) month over month to US$ 36.73 per ton. The swap ...
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- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
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- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
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- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
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- Eastern Coal Council - USA
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- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
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- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
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- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
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- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
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- Sical Logistics Limited - India
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- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
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- Borneo Indobara - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
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- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
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- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
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