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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, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
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