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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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Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Australian Coal Association
- Minerals Council of Australia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- PTC India Limited - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
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