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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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Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
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