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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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Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Carbofer General Trading SA - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
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