For the integration of Shanxi coal enterprises, the current existence of the coal industry in the main mergers, coal two types of joint venture expectations.
According to China Coal Net News, Shanxi Province will follow up the provincial seven coal enterprises to carry out specialized restructuring, block operations, to break the original provincial seven coal enterprises fragmented, product overlap, compete with each other to establish the pattern of coal Specialized coal production group, through mergers and acquisitions, to achieve strong alliances.
"The main types of coal include thermal coal, coking coal and anthracite coal, such as anthracite coal producers, which are mainly based on the Shanxi Coal Group and the Yangquan Coal Group, while thermal coal is mainly distributed in the northern Shanxi Province and Datong Coal Industry has the highest output." Xie Yiwen said .
If in accordance with the above classification of coal integration, Shanxi will appear in the future "carrier class" of coal prices?
"The main body may be only three, on the one hand to improve industry concentration, on the other hand also solve the problem of homogeneous competition in the province's coal enterprises, thereby enhancing the overall competitiveness of Shanxi coal enterprises." Zhang Feilong believes that the program is still No final confirmation, but also how to implement various businesses.
He also said Datong Coal currently ranks among the top four in the industry. If the thermal coal assets are integrated into the company, it will not be weaker than China Coal Group at least. "In the competition with Inner Mongolia and Shaanxi, the right to speak will follow Enhanced. "
In contrast, coking coal market concentration is slightly worse, if Shanxi coking enterprises in accordance with the above ideas integration, it will give birth to the absolute leading industry.
However, Xie Yaowen believes that the future may be easier to implement than the integration between coal enterprises, but should focus on the combination of coal prices and electricity prices.
The Guiding Opinions on Deepening the Reform of State-owned Assets in State-owned Assets promulgated by Shanxi Province also stressed that the state-owned enterprises based in coal power should strengthen the equity cooperation with downstream users and form industry synergies.
The contradiction between coal and electricity has existed for a long time, but it has not been solved effectively. As the profit of listed coal companies went public in 2016, the profits of downstream thermal power companies dropped sharply.
"The consolidation of coal-fired power plants is more in line with the trend and can effectively avoid the risk of soaring and plummeting coal prices. Looking for a balance between coal prices and electricity prices, both operations will remain relatively stable," said Xie Yaowen.
The national energy investment group merged by Guodian and Shenhua Group was formally established on November 20, which also provided reference and experience for Shaanxi Coal and Electricity Joint Venture.
Due to the higher profitability of coal enterprises this year, the debt ratio has been somewhat reduced. This is also the time window for integration. According to statistics, the average debt ratio of listed coal enterprises in the third quarter was 53.6%, down 1.79 percentage points from the end of the first quarter.
