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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, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
Friday, 29 April 16
U.S. COAL IMPORTS IN Q4' 15 DECLINED TO 2.7 MMST FROM 3 MMST IN Q3' 15
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.3 million short tons (mm ...
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- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
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- Indian Oil Corporation Limited
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- Gujarat Electricity Regulatory Commission - India
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- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- The University of Queensland
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
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