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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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- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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