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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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Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
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- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
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- McConnell Dowell - Australia
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- Singapore Mercantile Exchange
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- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
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- Parry Sugars Refinery, India
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- Therma Luzon, Inc, Philippines
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- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
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- SMC Global Power, Philippines
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- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
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- Electricity Authority, New Zealand
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- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
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- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
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- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
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- White Energy Company Limited
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- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
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- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
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- Eastern Coal Council - USA
- PowerSource Philippines DevCo
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- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
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- Commonwealth Bank - Australia
- Bhatia International Limited - India
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- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
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- Barasentosa Lestari - Indonesia
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- Bangladesh Power Developement Board
- Parliament of New Zealand
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