Softening Coal Prices and Improving Demand Will Drive a Better 2017 Outlook for Coal-Fired IPPs.
Despite improving power demand, China’s coal-fired independent power producers’, or IPPs’, fourth-quarter profits are set to be hit by surging coal prices. The benchmark Bohai-Rim Steam-Coal Price Index weekly average rose 58% year over year to CNY 595 in the fourth quarter, or up 25.3% sequentially. We estimate the operating margins for major coal-fired IPPs will be just around breakeven in the fourth quarter. For 2017, while the government’s confirmation that power tariffs will be unchanged is...China Resources Power is an investment holding company. Through its subsidiaries Co. is principally engaged in the construction and operations of power stations and coal mining. Co. invests, develops, operates and manages coal-fired power plants, wind farms, hydro-electric projects and other renewable energy projects in China, and invests, develops, constructs and operates coal mines in China. Co.'s segments include Thermal power, Renewable energy, and Coal mining. As of Dec 31 2014, Co. had 39 coal-fired power plants, 2 hydro-electric plants, 1 gas-fired plant and 56 wind farms in commercial operation. The total attributable operational generation capacity of Co. is 31,331 MegaWatt.
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