高盛最新三篇研究报告Coal price control seems difficult to implement
Qinhuangdao spot coal price has risen to Rmb805/tn as of November 15,
2010 (up 6% since July 1, 2010). Many coal-fired power plants across 10
provinces have incurred net losses as a result. Although the Central
Government seeks to lower production input costs for China, we think
administrative measures to rein in coal prices may not be effective based
on past experience. First, we see no signs that the government is seeking
to roll back the market price reform it has implemented on coal prices.
Experience from January 2008 also shows that regulatory control may not
work well especially due to concentrated ownership of coal assets in a few
provinces. Therefore, without an imminent tariff hike, coal-fired power
plant profitability may deteriorate further generally in China.
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