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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, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
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- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
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- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
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- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- VISA Power Limited - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
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