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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, 27 November 15
FOB RICHARDS BAY COAL SWAPS UP FROM LAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up week over week and month over month.
The Q1’ 2016 swa ...
Thursday, 26 November 15
ITALY'S STEAM COAL IMPORTS EXPECTED TO REACH 16 MILLION TONS AND COKING COAL IMPORTS TO AMOUNT TO 4 MILLION TONS - ASSOCARBONI
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
- “Coal has made huge steps towards environmental sustainability, making itself t ...
Thursday, 26 November 15
DRY BULK MARKET WILL REBOUND EVENTUALLY, BUT THINGS WILL BECOME EVEN WORSE BEFORE THEY IMPROVE SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market’s benchmark, the Baltic Dry Index (BDI) reached an all-time late last week and has failed to rebound significantly eve ...
Thursday, 26 November 15
Q3'16 FOB NEWCASTLE COAL SWAP FALLS 27.5% SINCE 20 FEB 2015
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
Wednesday, 25 November 15
INDIA'S POWER GENERATORS FACE LOW, FALLING UTILISATION RATE - FITCH
COAlspot.com: Fitch Ratings says in a new report that the utilisation rate of India's thermal power generation capacity continued to decline in ...
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- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
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