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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, 13 November 15
DRY BULK, IT IS HARD TO MAINTAIN AN OPTIMISTIC VIEW FOR THE NEXT COUPLE OF MONTHS - INTERMODAL
COALspot.com: The dry bulk owners looking for cover remained under pressure for size segments across the board. With Capes closing off the week as ...
Friday, 13 November 15
WEEKLY US COAL PRODUCTION DECLINES TO 16.5 MMST; SLIDE 14.9% Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Thursday, 12 November 15
FOREIGN COAL MINE ACQUISITION - STRATEGY VERSUS OPPORTUNITY FOR INDIAN UTILITIES - DIPESH DIPU
The acquisition market for thermal coal assets abroad is dull. Sellers of all hues are in the market; some are actively scouting for buyers while o ...
Thursday, 12 November 15
PORT OF NEWCASTLE'S COAL EXPORT VOLUME UP IN OCTOBER 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.254 billio ...
Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
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Showing 2716 to 2720 news of total 6871 |
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- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
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