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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, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
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- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- The University of Queensland
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- White Energy Company Limited
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
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