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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, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
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- Savvy Resources Ltd - HongKong
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- Romanian Commodities Exchange
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- New Zealand Coal & Carbon
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- GMR Energy Limited - India
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- Global Business Power Corporation, Philippines
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- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
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- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
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- Tata Chemicals Ltd - India
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- Eastern Coal Council - USA
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- Indian Energy Exchange, India
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- Australian Coal Association
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
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- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
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- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
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- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
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- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
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- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
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- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
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- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
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- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
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- Mercator Lines Limited - India
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- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
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- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
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- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
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- AsiaOL BioFuels Corp., Philippines
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- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
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