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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, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
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- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- The University of Queensland
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
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