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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, 09 November 15
INDIAN THERMAL COAL IMPORTS SURGED 18%; COKING COAL 6.31% DURING APRIL-OCTOBER: BUSINESS-STANDARD
Indian thermal coal imports surged 18% at the country's top 12 major ports to 55.90 million tonnes (MT) in the first seven months of the curren ...
Sunday, 08 November 15
THE FREIGHT MARKET KEEP DROPPING THIS WEEK - VISTAAR
COALspot.com: The freight market keep dropping this week.
The BDI down 12.48 percent week on week and closed at 631 points on 6 November 2015. ...
Sunday, 08 November 15
CAPESIZE FREIGHT RATES IN AUSTRALIA-CHINA ROUTES OVER 50% CHEAPER THAN BRAZIL-CHINA ROUTE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s mining and steel industries are facing tectonic shifts over the past couple of years, with the country’s limiting of coal use, ...
Friday, 06 November 15
COAL PRODUCTION IN THE U.S. FELL SHARPLY FOR THE WEEK ENDING OCTOBER 31
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
Thursday, 05 November 15
Q2'16 INDO THERMAL COAL SWAP CONTRACT FOB INDONESIA FALLS TO $39.90/T
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week. Price of coal seen no improvements this past we ...
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Showing 2726 to 2730 news of total 6871 |
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- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
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