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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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- GMR Energy Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
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