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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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Wednesday, 21 October 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In today’s dry bulk market, both freight rates and asset prices are creating mixed feelings to seasoned ship owners, who tend to instinctivel ...
Wednesday, 21 October 15
INDONESIAN COAL MINER BUKIT ASAM POSTS POSITIVE PERFORMANCE DURING FIRST THREE QUARTERS OF 2015
COALspot.com: Indonesian publicly listed and state controlled coal miner PT. Bukit Asam has announced that, the company’s coal sales up 8 per ...
Wednesday, 21 October 15
LOWER DEMAND HIT Q1' 16 INDONESIA COAL SWAPS
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 1.88 (-4.71%) per t ...
Tuesday, 20 October 15
SHIPBROKER SEES CAPESIZE RATES EASILY REACHING $25,000/DAY BY YEAR-END : NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future course of the dry bulk market has been troubling market participants for quite some time now, as the “elusive” freight rate ...
Tuesday, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
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- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
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