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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, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Planning Commission, India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Bhatia International Limited - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- PTC India Limited - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
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