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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, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
Monday, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
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- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
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