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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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Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
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