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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
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