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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, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
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Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
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