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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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Tuesday, 11 March 14
HOLD HARMLESS CLAUSES ARE NOT ALWAYS MUTUAL! - ITIC
KNOWLEDGE TO ELEVATE
ITIC provides an insurance related contract review service to all of its members. As the leading professional indemnity i ...
Tuesday, 11 March 14
NEWCASTLE SHIPPED 6.98% LESS COAL WEEK ON WEEK
COALspot.com: In the week ended 10 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Tuesday, 11 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAPS CONTINUES TO FALL
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slip again thi ...
Monday, 10 March 14
API 8 CFR SOUTH CHINA COAL SWAPS LOST 4.28 PERCENT MONTH ON MONTH FOR Q2 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 4.28 percent month on month and closed at US$ 73.97 per mt as on Fr ...
Monday, 10 March 14
THE FREIGHT MARKET WAS QUITE FIRM THIS PAST WEEK
COALspot.com: The freight market was quite firm this past week with BDI sharply increased by 22.65 pct week on week and closed at 1543 points, while ...
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- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- The University of Queensland
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
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