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Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
 High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power shortfalls seen recently in parts of the country are unlikely to drive large-scale shifts in investment plans, as the problems reflect weak peak-load flexibility rather than structural power shortages.
Total power consumption rose 9.4% yoy in November 2020, according to the China Electricity Council, and peak loads have reached record levels for many regional grids. Demand for power has been supported by robust economic growth, but also by unusually cold conditions that have bolstered demand for heating.
A variety of supply factors have also contributed to the power shortages. In areas such as Hunan, renewables contributions, particularly from hydropower, have been weak as a result of weather conditions. Regulatory pressures to curb thermal power carbon dioxide emissions in order to meet targets under the 13th Five Year Plan (ending in 2020) have also played a role in regions like Zhejiang.
Coal market dynamics have aggravated the situation. The government’s supply-side reform agenda has sought to improve the underlying stability of domestic coal markets by trimming excess supply, but in the near term this has reduced capacity to meet spikes in demand. Supplies have been dented further by tougher mining permit reviews and safety checks in Inner Mongolia, an important production region, and the impact of cold weather on transport systems and production in northern China.
Restrictions on imports of thermal coal from Australia may also have played a role at the margin. Such imports are small relative to total demand, and China has increased coal imports from other producers like Indonesia, but the curbs may have increased the vulnerability of local coal prices to demand spikes.
Meanwhile, in some provinces gas-fired power plants have failed to play their usual role in smoothing peak-load adjustments, as gas supplies were prioritised for heating in northern China. Gas-fired power’s contribution to generation has risen in January as additional gas has been sourced for heating, easing supply constraints.
There is no fuel-cost pass-through for coal. High energy prices will thus dampen near-term profitability among generating companies (gencos) with greater reliance on coal. This could affect Fitch-rated companies such as China Huaneng Group (A/Stable), China Huadian Corporation (A/Stable), State Power Investment Corporation (A/Stable), Guangdong Energy Group (A/Stable) and Zhejiang Provincial Energy (A/Stable). However, strong demand should raise capacity utilisation and reduce the price discount on market-traded power, offsetting the impact slightly.
Upstream producers such as Yanzhou Coal (BB-/Rating Watch Positive) and the three national oil companies should benefit from these same dynamics. However, we still expect coal prices to trend lower in the longer term, as the government remains committed to reducing coal’s share in the national energy mix.
The State Council stated on 8 January that development of natural gas and coal storage facilities, and emergency back-up power systems, would be accelerated. We have already budgeted high levels of capex for most power gencos in the medium term, focused mostly on renewable energy, and do not expect to change our forecasts significantly owing to the recent disruption. In addition, we do not expect substantial additional investment in LNG storage, but believe the government will accelerate approvals for new gas storage facilities and slow the phase-out of coal-fired power plants.
The government may also encourage provinces with power shortages to make greater use of imports, which could benefit issuers from surplus regions like Gansu Province Electric Power Investment (BBB-/Stable). Inter-provincial ultra-high-voltage distribution lines are available, but have been underutilised during the current situation as the supporting coal-fired power has not been available.
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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
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- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
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- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
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- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
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- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
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- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Minerals Council of Australia
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- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
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- Planning Commission, India
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- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
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- Aditya Birla Group - India
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- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
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