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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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Wednesday, 12 February 14
2013 WAS THE YEAR OF PRIVATE EQUITY FUNDING - TIMOS PAPADIMITRIOU
COALspot.com: People say that money makes the world go round. Well, can it be that it’s the other way around? Is it possible that money needs ...
Tuesday, 11 February 14
INDONESIAN COAL SWAP SHOWS STRONG GROWTH IN 2014 SECOND HALF
COALspot.com – Swaps prices slide for thermal coal loading from Indonesia, the world’s largest exporter of the fuel, according SGX.
T ...
Tuesday, 11 February 14
AUSTRALIA'S NEWCASTLE COAL EXPORTS SLIDE AROUND 15% WEEK ON WEEK
COALspot.com: In the week ended 10 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 11 February 14
SHIP OWNERS INVEST IN 447 NEWBUILDINGS AND SECOND HAND VESSELS DURING JANUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite a rough start to the year for the dry bulk freight market and lackluster performance from most other shipping sub-segments, ship owners have ...
Monday, 10 February 14
Q1 2015, API 8 CFR SOUTH CHINA COAL SWAP CLOSED AROUND $ 2 HIGHER THAN Q2 14 PRICE
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 2.61 percent month on month and closed at US$ 77.28 per mt as on Frid ...
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- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Planning Commission, India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
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