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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
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