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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, 30 October 15
INDONESIA'S COAL EXPORTS DROP ON LOW PRICES - THE JAKARTA POST
Indonesia's coal exports significantly dropped in the first nine months of the year as coal companies continued to suffer from low prices in ad ...
Friday, 30 October 15
CHINESE MINERAL IMPORTS: MOVING ON FROM INDONESIA? - CLARKSONS
China has accounted for almost 90% of global imports of nickel ore and bauxite in recent years and was therefore heavily hit by the Indonesian mine ...
Friday, 30 October 15
COAL PRODUCTION IN THE UNITED STATES INCREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
Thursday, 29 October 15
IRAN'S RETURN TO OIL MARKETS WILL HAVE TEMPERED IMPACT FOR THE TANKER SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While many analysts appear to be fearful of a potential incremental rise in tanker ships’ supply, as a result of the imminent return of Iran ...
Thursday, 29 October 15
Q2' 16 FOB INDONESIA COAL SWAP CLOSED US$ 37.40 PER TON; DECLINED 5.56 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 2.13 (-5.34%) per t ...
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- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- The University of Queensland
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Planning Commission, India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
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