Re-emergence of extreme commentary and sentiment, page-17

Coal will not peg to gas; if anything it will be the other way around, with gas getting dragged down, but only if there is a gas glut. Based solely on fundamentals and with no production constraints in China, thermal coal in Asia might be $50 per ton now. And it may go there yet because China is contemplating a ban on coal imports - raising prices in China, tanking them everywhere else.
The basic issue here is that gas/LNG will not be competitive in the baseload in these circumstances; but in the Philippines right now it is also squeezed out of the mid cycle by the combination of coal, wind and solar. So dispatch rates will be low - what you really need are contracts with distribution companies because those allow you to recover your capex. Pure merchant exposure may not. And a marketing company - well, you need a balance sheet to do that, plus a portfolio of generation such that you can offer an overall, blended generation price that is efficient.