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...
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