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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, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
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- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
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- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
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- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
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- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
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- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
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- Sree Jayajothi Cements Limited - India
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- Holcim Trading Pte Ltd - Singapore
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- Ministry of Transport, Egypt
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- Bukit Asam (Persero) Tbk - Indonesia
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- Indogreen Group - Indonesia
- Planning Commission, India
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- Indian Oil Corporation Limited
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- The University of Queensland
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- Iligan Light & Power Inc, Philippines
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- Semirara Mining Corp, Philippines
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
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- Xindia Steels Limited - India
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- Bahari Cakrawala Sebuku - Indonesia
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- Eastern Energy - Thailand
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- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
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- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
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- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
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- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
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- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
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- Posco Energy - South Korea
- Interocean Group of Companies - India
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- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
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- Electricity Authority, New Zealand
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- IEA Clean Coal Centre - UK
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- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
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- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
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- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
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- Economic Council, Georgia
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- Indonesian Coal Mining Association
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