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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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Monday, 03 October 16
THERMAL COAL PRICE SHOOTS UP AND MADE THEIR VERTICAL MOVE IN 5 YEARS; PRICE RALLY CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 03 October 16
DRY-BULK SHIPPING FREIGHTS SLIDE IN SOFTENING SPOT MARKET
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline slightly and ending in a negative note this past ...
Friday, 30 September 16
U.S. WEEKLY COAL OUTPUT FELL 2.3% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is la ...
Thursday, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
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- Mjunction Services Limited - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Planning Commission, India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
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