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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, 16 November 15
KOMIPO INVITES BIDS FOR 1.295 MILLION TONS OF BITUMINOUS COAL FOR Q1 - Q2'16
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 1,295,000 Metric Tons (MT) of minimum 4,600 kc ...
Monday, 16 November 15
SOUTH CHINA COAL SWAPS DECLINE CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.05 (12.59%) per ton month over month.
A commodity swa ...
Monday, 16 November 15
CLARKSEA INDEX COMPETITION: IS IT ALL IN THE TIMING? - CLARKSONS
Readers of the Shipping Intelligence Weekly are invited each year to predict the value of the ClarkSea Index one year ahead in the first week of No ...
Monday, 16 November 15
DRY BULK MARKET: Q1' 2016 SHAPING UP TO BE A ' DISASTROUS' ONE OF PROJECTED LOWER IRON ORE IMPORTS FROM CHINA
Over the course of the past year or so, it’s been the drop of coal imports from China, which has had a detrimental effect on the course of dr ...
Friday, 13 November 15
WEAK CHINA POWER DEMAND DAMPENS COAL CONSUMPTION - FITCH
The weak growth in China's electricity consumption in 2015, together with increasing non-thermal power generation capacity are exerting more pr ...
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- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Planning Commission, India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
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