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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, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
Friday, 13 January 17
U.S. COAL PRICES TO INCREASE IN 2017 AND IN 2018 - EIA
Coal Supply
EIA estimates that U.S. coal production declined by 158 million short tons (MMst) (18%) in 2016, to 739 MMst, which would be the lowe ...
Friday, 13 January 17
U.S. COAL IMPORTS IN THIRD QUARTER 2016 TOTALED 2.7 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.8 million short ton ...
Thursday, 12 January 17
ASIA: COAL'S FUTURE - BENJAMIN SPORTON
As economies develop and the United Nations’ Sustainable Development Goals (SDGs) are realised, demand for energy will increase as more peopl ...
Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a ...
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- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
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- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Deloitte Consulting - India
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- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
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- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
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- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
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- GVK Power & Infra Limited - India
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- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
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- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- The University of Queensland
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
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- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
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- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
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- Directorate General of MIneral and Coal - Indonesia
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- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
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