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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Planning Commission, India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- The University of Queensland
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
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