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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Planning Commission, India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
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