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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, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
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- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
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