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Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
 Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) and end-users signal an increase in power trading tariffs, reflecting the gencos' intention to recoup profit amid elevated coal prices and increased participation in market trading by commercial and industrial (C&I) customers, says Fitch Ratings.
Some Chinese power gencos enter into the next year's annual market trading contracts with end-users - mainly C&I customers - at the end of the current year. The bilateral contracts account for most of their annual trading volume and set the tariff agreed upon between both parties.
Jiangsu province's 2022 power market trading volume in these bilateral contracts will rise by 9.7% from a year earlier with the average trading tariff for coal-fired power at CNY466.78/MWh, higher than the local benchmark coal-fired tariff by 19.36% and almost reaching the price ceiling of CNY469.2/MWh. Guangdong province's annual electricity to be sold under the bilateral negotiated trading mechanism in 2022 will rise by 21.1% from a year earlier, and its average selling price will exceed its benchmark tariff by 7.35%, in stark contrast to 2021 when the annual traded power was sold at a discount of 11.56% to the benchmark tariff.
The 2022 annual power trading prices in south Hebei, Shaanxi and Hainan provinces will also approach the upper limit of 20% above their provincial benchmark tariffs.
The higher nationwide market trading tariff in 2022 follows a coal price rally in 2021, which significantly squeezed gencos' profit margins. The Qinhuangdao 5,500kcal/kg benchmark thermal coal price fell to CNY945 per tonne on 18 January 2022 after government intervention, from more than CNY1,300/tonne on average in 4Q21, but prices are still much higher than in 2019 and 2020. Fitch expects provinces that experienced severe power shortages in 2021 to set higher market trading tariffs in 2022, as price hikes are more acceptable by most end-users than blackouts.
The Chinese power trading market has also expanded, as all C&I users are now required to participate, implying higher tariffs as a fixed retail tariff is no longer an option for them. The local power grid can serve as their power purchasing agent in the transitional period, but the tariff it offers tends to be more volatile and sometimes higher than that of long-term contracted power from gencos.
Renewable power trading prices agreed upon between gencos and users in bilateral contracts for 2022 in eastern China will also increase. The average trading price of renewable power in Jiangsu province will be CNY72/MWh, or 8.38%, higher than the coal-fired benchmark tariff, while the average price of green power in Guangdong province will be higher by CNY61/MWh, much wider than the CNY30/MWh-CNY50/MWh premium to the coal-fired benchmark tariff in September 2021 when China's pilot scheme for green power trading started.
Fitch expects the premium of renewable power trading prices to rise further in eastern China, where curtailment risk is low due to strong market demand for electricity. The premium over coal-fired tariff is supported by high demand for renewable power from state-owned users, which are now evaluated by their government parents on their performance in achieving carbon-neutrality goals.
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Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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