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