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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, 08 December 15
HOW TO MITIGATE LEGAL RISKS WHEN PURCHASING BUNKERS - LESSONS LEARNED FROM THE OW BUNKER COLLAPSE - THE SWEDISH CLUB
KNOWLEDGE TO ELEVATE
About a year has passed since OW Bunker & Trading A/S filed for bankruptcy. The collapse shows that there are signifi ...
Monday, 07 December 15
5000 GAR CS (I) COAL INDEX REMAIN THE SAME OVER LAST WEEK
COALspot.com: The 5000 GAR CS (i) coal index remain the same over last week.
According to the CS (i) coal (system generated) index, the CS 50 ...
Monday, 07 December 15
COAL DEMAND IN 2016 FAILS TO SUPPORT PRICES; CFR SOUTH CHINA COAL SWAPS SEEN AT $US 42 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 1.70 (3.88%) per ton month over month.
A commodity swap ...
Sunday, 06 December 15
THE BDI DECLINED BY 3.09 PERCENT TO 563 POINTS ON 4 DECEMBER
COALspot.com: The BDI declined by 3.09 percent to 563 points on 4 December 2015.
The Cape index was also declined by 10.01 percent to 890 poin ...
Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
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- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- White Energy Company Limited
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
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