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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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Monday, 23 November 15
NEGATIVE 2016 OUTLOOK FOR WESTERN EUROPEAN STEEL - SAYS FITCH RATINGS
COALspot.com: European steel in 2016 are both negative for the sector and for issuer ratings.
This reflects our expectation that import levels ...
Monday, 23 November 15
DRY BULK MARKET: NET FLEET GROWTH IS SLOWING DOWN, AS SHIP OWNERS ARE LOOKING FOR WAYS TO ALLEVIATING MARKET MELTDOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been in “meltdown” mode for a few weeks now, unable to find support and avoid the fall in historical lows. As s ...
Monday, 23 November 15
CS50 COAL INDEX CLOSED AT $40.27 PER TON; FELL 0.15% FROM LAST WEEK
COALspot.com: The 5700 GAR CS (i) coal index fell by US cents 3 per ton week over week on 20 November 2015. CS 57 (5700 GAR coal) index closed at U ...
Monday, 23 November 15
CFR SOUTH CHINA COAL SWAPS FALL FURTHER ON LOW DEMAND
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.75 (13.99%) per ton month over month.
A commodity swa ...
Sunday, 22 November 15
INDONESIA TO INDIA FREIGHT RATES TO REMAIN DULL NEXT WEEK
COALspot.com: The BDI was down to historical lows closing at 498 points which is down by almost 95.77 per cent compared to 11,800 points in 2008.
...
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- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Planning Commission, India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
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