Surging Coal Prices Drove Nationwide Net Losses for Coal-Fired IPPs in 4Q
Despite strong power demand, the 2017 profit warnings from China’s major independent power producers, or IPPs, suggest a nationwide net loss in the fourth quarter. Profit guidance from both Huaneng and Datang missed our expectations, despite in-line fourth-quarter operating statistics: over 20% year-over-year power generation volume growth and a 3%-6% rise in average tariff for coal-fired generation units, as well as a 2.6% fall in the benchmark Bohai-Rim Steam Coal Price Index, or BSPI. We thin...
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