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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- The University of Queensland
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
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