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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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Wednesday, 14 December 16
20/20 VISION! - JOHN N. COTZIAS
2020; A year that could be changing shipping. In early November, the International Maritime Organization (IMO) announced that it would set a 0.5% s ...
Tuesday, 13 December 16
THE FREIGHT MARKET MAY WELL BE SHOWING SIGNS OF HEADING FOR ITS DOWNWARD CORRECTIVE PHASE - ALLIED
2016 has been a tough market for dry bulkers and through these difficult earnings, we have seen some of the lowest prices being noted historically ...
Tuesday, 13 December 16
COAL DEMAND GROWTH TO STALL AS APPETITE WANES, ACCORDING TO IEA
Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground, according ...
Monday, 12 December 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.3 MMST, UP 7.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million short ton ...
Monday, 12 December 16
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this past week and ending on a negative note week ...
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- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
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