State operator cuts coal price 5% for Donbasenergo

State operator cuts coal price 5% for Donbasenergo



15 травня 2012 года
Конкорд Капитал

Донбассэнерго (DOEN)


Donbasenergo (DOEN UK), the Ukrainian electricity generator, signed an agreement to buy 1.75 mmt of coal from state operator Coal Ukraine for UAH 1.92 bln (VAT included). The implied deal price (net of VAT) for coal is USD 114/t, or USD 6/t (5%) less than the price under the previous contract signed by the two parties earlier in 2012.

Alexander Paraschiy: This is the first time the state operated decreased coal prices for a power company, which was prompted by global trends (API2 global coal index fell 20% YTD to USD 88/t). The decline is encouraging for Donbasenergo, as well as for other state-controlled blue chip GenCo, Centrenergo (CEEN UK), which might receive similar treatment. The recent contract price is still 13% above those signed between the parties in 2H11 though, and potentially might suggest further discounts in future contracts.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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