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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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
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