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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, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
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- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
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