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Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
 COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze power producers' margins in 2017, says Fitch Ratings. Margins are also expected to suffer as more electricity is sold under direct power sales (DPS) programmes at a discount to the benchmark on-grid tariff as well as from falling plant utilisation levels.
China's National Development and Reform Commission (NDRC) said on 4 January 2017 that the benchmark on-grid tariff for coal-fired power will remain unchanged in 2017, despite a strong coal price rally starting from 3Q16.
Fitch further noted that, China introduced a coal price pass-through mechanism in early 2016, which specifies that coal-fired power generators' on-grid tariff will be reviewed at the start of each year to reflect coal price changes in the previous year. In this week's announcement, the NDRC further specified that the average NDRC national coal price index from November 2015 to October 2016 was used as reference to decide the tariff pass-through amount. According to the price formula, on-grid tariff should increase by CNY0.18 cents per kilowatt hour (KWh) to reflect the coal price change in that period. However, changes less than CNY0.2 cent/KWh will not be made, but will accumulate into the next review period.
Although the current Qinghuangdao seaborne coal price is already 15% lower than its peak in 2016 due to NDRC measures to increase coal supply and contain coal prices, it remains more than 30% higher than the average 2016 price as coal prices were much lower in 1H16. We expect coal prices to fall further with policy intervention; however, the average 2017 coal price, especially in 1H17, is likely to be higher than for the same period last year. As such, dark spread - the difference between power tariffs and unit coal costs - for coal-fired power generators will be lower than in 2015 and early-2016.
At the same time, Fitch said, power volumes sold under DPS are increasing. The NDRC reports that power sold under DPS increased to 700 billion KWh in 2016, up from 430 billion KWh in the previous year. This represents around 12% of China's total power demand or 17% of power demand from the energy-intensive secondary industry, which accounted for around 71% of the country's total power consumption in 2016. According to NDRC, the average discount on DPS is around CNY6.4 cent/KWh, which is around 18% of China's national average on-grid tariff.
However, Fitch estimates the discount for power sold under DPS is around 20% in regions with higher power demand and less competition, and 30% or higher in regions that suffer more from power overcapacity. Coal-fired power generators' dark spread is likely to be further squeezed as China aims to expand the scale of DPS in 2017.
We also expect coal-fired power utilisation hours to decline with slowing power demand growth and still-high capacity additions. We expect some smaller players are likely to be loss-making and forced out of the market, while large-scale and highly-efficient power generators or power-heat co-generation generators in regions with stable power demand or access to lower-cost coal will be final winners under these changes taking place in China electricity market, Fitch concluded.
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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
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