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Some power firms sign coal purchasing contracts

By Zhao Tingting (chinadaily.com.cn)
Updated: 2009-02-12 16:14

Some of the power plants affiliated to China Guodian Corp and China Huadian Corp, two of China's five largest electricity-generating companies, have signed coal purchasing contracts for over one million tons, according to an official with a leading coal supplier.

Related readings:  Power output falls 13% in Jan on weak demand  China's January coal exports down 36.3%  Coal producers eyeing China for export growth  China's power plants forecast profit plunge on higher coal prices

The move broke the deadlock over last year's coal supply negotiations between coal miners and power companies after they failed to reach an agreement on prices.

Zibo Mining Group Co Ltd will offer 240,000 tons of coal to Huadian and 900,000 tons to Guodian at a price of 530 yuan ($77.56) per ton, up 15 percent year-on-year, the company said. The price was 30 yuan higher than that at the end of 2008, and 70 yuan lower than the peak price last year.

The annual coal contract negotiations for this year's coal supply had stalled after the five leading power-generating companies sought a 50-yuan per ton price cut from the term prices in 2008.

The coal miners were, however, adamant that prices should be raised, said sources who attended the negotiations. Chinese coal-fired power generators incurred an estimated loss of 70 billion yuan in 2008 due to rising fuel costs and weakening electricity demand, said an official with China Electricity Council in December.