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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, 22 November 15
INDIA COULD PROVIDE SILVER LINING FOR SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The rise of India as a global player in the shipping market could be just a couple of years away, as the country has the potential to become a seco ...
Friday, 20 November 15
U.S. COAL PRODUCTION FOR THE WEEK ENDING NOVEMBER '14; NO CHANGE FROM LAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Friday, 20 November 15
NO IMPROVEMENT SEEN IN NEAR-TERM COAL DEMAND; SWAPS CLOSE LOWER
COALspot.com: Indonesian coal swap for delivery Q1 2016 declined month on month and flat on week over week. Price of coal seen no improvements this ...
Friday, 20 November 15
CHANGING CRUDE SUPPLY TRENDS MAY HELP EUROPEAN REFINERS - FITCH RATINGS
COALspot.com: Changes in global oil supply trends, including high Russian production, the expected renewal of Iranian heavy crude exports and the p ...
Thursday, 19 November 15
CHINA STEEL PRODUCTION CAPACITY TO PEAK IN 2016 - FITCH RATINGS
COALspot.com: Fitch Ratings today says that China's steel production capacity is likely to peak in 2016, with capacity elimination over the nex ...
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- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
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