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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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Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Petron Corporation, Philippines
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- The University of Queensland
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
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