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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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Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
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- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Planning Commission, India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
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