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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, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
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- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
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