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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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Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
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