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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, 19 November 15
Q3' 16 RICHARDS BAY COAL SWAP CLOSED 9% LOWER THAN Q1' 16 DELIVERY PRICE
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, 19 November 15
RATES FOR CAPES KEPT MOVING SOUTH - INTERMODAL
COALspot.com: With the BDI currently standing at less than 30 points above the historical lows marked in February this year and with activity acros ...
Wednesday, 18 November 15
MARKET (SHIPPING) INSIGHT - THEODORE NTALAKOS
Supply VS Demand
According to data from the IMF, global growth for 2015 is projected at 3.1 percent, 0.3 percentage point lower than in 2014, ...
Tuesday, 17 November 15
KOMIPO INVITES BIDS FOR (SEMI) ANTHRACITE COAL FOR SEOCHEON POWER PLANT
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 70,000 Metric Tons of (Semi) Anthracite for Ja ...
Tuesday, 17 November 15
FOB NEWCASTLE COAL SWAPS FALL: Q1'16 SLID 11.45% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $4.75 per ton (11.45%) month over month to US$ 36.75 per ton. The swap ...
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- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
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