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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, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Planning Commission, India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
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