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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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Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
Friday, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
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- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
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