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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
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