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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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Wednesday, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
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