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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, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
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- Thai Mozambique Logistica
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- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
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- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
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- ICICI Bank Limited - India
- Indonesian Coal Mining Association
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- Interocean Group of Companies - India
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- Parliament of New Zealand
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- Madhucon Powers Ltd - India
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- Central Electricity Authority - India
- Ambuja Cements Ltd - India
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- Romanian Commodities Exchange
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- Thiess Contractors Indonesia
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- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
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- Bhatia International Limited - India
- GVK Power & Infra Limited - India
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- Toyota Tsusho Corporation, Japan
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- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
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- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
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- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
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- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
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- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- VISA Power Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
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- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
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- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
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- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
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