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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, 02 August 16
INDONESIAN CS COAL INDICES STAY POSITIVE
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.71% week over week to averaging $41.12 per ton this past week, shows CS (i) C ...
Monday, 01 August 16
4200 GAR INDONESIAN COAL PRICE MAY TOUCH $ 32/33 A TON LEVELS SOON
COALspot.com: Indonesian coal prices are likely surge further in 2016 as the recent price movement in Indonesian coal markets suggests that the mar ...
Monday, 01 August 16
BALTIC INDEX ENDED NEGATIVE NOTE THIS PAST WEEK ON WEAKER RATES ACROSS ALL LARGE VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape, Panamax and Supramax segments end ...
Friday, 29 July 16
U.S. COAL OUTPUT SLIPS SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 15 million short tons ( ...
Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
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- GVK Power & Infra Limited - India
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- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
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- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- White Energy Company Limited
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- Singapore Mercantile Exchange
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- Minerals Council of Australia
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- CNBM International Corporation - China
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
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- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
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- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
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- European Bulk Services B.V. - Netherlands
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- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Jaiprakash Power Ventures ltd
- Australian Coal Association
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- Power Finance Corporation Ltd., India
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- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
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- McConnell Dowell - Australia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
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- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Economic Council, Georgia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
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- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
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- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
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- Planning Commission, India
- Bulk Trading Sa - Switzerland
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