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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, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- White Energy Company Limited
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