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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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Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
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