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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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Thursday, 15 May 14
USA COAL CONFERENCE
Press Release: IHS Inc. (NYSE: IHS), the leading global source of information and analysis, will host the Coal USA Conference, June 18-20, 2014, ...
Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
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- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- The University of Queensland
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
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