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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, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
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- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
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