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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, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
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- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Planning Commission, India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
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