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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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Sunday, 25 October 15
ANOTHER DISAPPOINTING WEEK FOR PANAMAX; INDEX FELL 5.4 PERCENT W-W
COALspot.com: The BDI was slightly up by 2.65 pct closing at 774 points mainly because of Cape index which was up by 10.85 pct closing at 1461 poin ...
Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the coun ...
Friday, 23 October 15
WILL INDIAN DOMESTIC COAL PRICES BE ABLE TO COMPETE IMPORTED COAL PRICES IF THE CURRENT TREND CONTINUES?
COALspot.com: The Most of the Indian end-users are waiting for last minute purchase to enjoy every drop in price. Coal procurement managers are als ...
Friday, 23 October 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING OCTOBER 17 DECLINED FOR THE SECOND STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
Wednesday, 21 October 15
RUSSIA'S CARBO ONE COAL SALES TO HIT 50 MLN T/YR - JACQUELINE HOLMES
COALspot.com: Russia's Carbo One has become one of the world's leading physical coal traders with an annual volume approaching 50 million t ...
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- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Planning Commission, India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Australian Coal Association
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
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