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Wednesday, 23 April 14
EUROPE WOULD BE HARD PRESSED TO REPLACE RUSSIAN GAS, FITCH RATINGS SAYS
 A ban on Russian gas imports to the EU would cause substantial disruption to Europe's economy and industry, Fitch Ratings says. In the immediate aftermath, the region would suffer from gas shortages and high prices due to its limited ability to reduce demand, source alternative supplies and transport gas to the most affected countries. A surge in gas prices after a ban would probably also have knock-on effects on electricity, coal and oil prices. Industry would bear the brunt of supply shortages as household demand would be given priority.
A lengthy ban on Russian gas is a low-probability, but high-impact scenario. Russia supplies around 27% of Europe's gas and, given the high cost a ban would impose on all sides, we believe it would take a severe deterioration in the Ukraine crisis for it to happen. A temporary disruption just affecting gas supplies via Ukraine is a more likely scenario, for which Europe is better prepared due to high reserves and the recent opening of a new pipeline from Russia to Germany.
In the event of a lengthy ban imposed by either Europe or Russia, gas-intensive sectors such as steel and chemicals would be most affected. This would accelerate the closure or mothballing of capacity that is suffering from low profitability due to competition from low-cost energy jurisdictions such as the US or Middle East. In particular, issuers without geographic and product diversification would be most at risk of adverse rating action.
In 2013 Russia supplied 145bcm of gas to Europe, which would have great difficulty in sourcing alternative supplies. Increased European gas production and North African piped gas could offset a small proportion of this. Tapping into the global LNG market would yield limited volumes as Europe's Russian gas demand equates to nearly half of the world's LNG production, which is already mostly tied to long-term supply contracts. Hence, gas and other energy prices could surge.
In theory, Europe has plenty of unused LNG regasification capacity, which could help replace some Russian supplies. But the majority of plants are located in Southern Europe and the UK, far away from the Central and Eastern European countries that are most reliant on Russian gas. The European gas networks suffer from bottlenecks, which limit the ability to transport gas across borders.
Demand reduction initiatives would only be of limited benefit. Japan was able to reduce power demand by 4.7% following the Fukushima disaster, but this was partly weather-related and achieving that level of reduction across 28 countries with their own agendas and exposures would be far harder.
For more details on the impact that a ban on Russian gas would have on Europe, please see the report "Living Without Russian Gas - Replacing Russian Gas in the Short-term" published today and available from www.fitchratings.com. The report is the first in a series that will examine the potential impact on European utilities and how Europe could reduce its energy reliance on Russia in the longer term.
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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
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