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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
 Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electricity generators and retailers. This is despite recent agreements to continue operating an aluminium smelter that accounts for around 10% of the State of Victoria's energy demand.
Lower demand due to mild weather and 3,700MW of new renewable generation capacity starting up resulted in average wholesale spot electricity prices falling by 23%-58% in 2020. Fitch expects pricing pressure to persist through to 2022, as more renewable generation comes online, and demand remains subdued. Prices may partially recover in 2023 as the planned closure of AGL's 2,000MW Liddell Coal power plant will remove some generation capacity from the market and as weather conditions normalise.
The lower prices are likely to reduce the earnings of power producers and retailers. Origin Energy Ltd (BBB/Stable) cut its guidance for Energy Markets division EBITDA for the financial year ended 30 June 2021 (FY21) to AUD1.00 billion-1.14 billion (FY20: AUD1.46 billion. AGL Energy Ltd also announced AUD2.7 billion of charges, reflecting onerous contracts primarily related to high-cost wind farm offtake agreements, as well as AUD532 million of impairments to the value of its generation fleet and natural gas assets.
Fitch expects Origin's Energy Markets earnings to fall further in FY22 as the decline in wholesale prices leads to lower retail prices. The Australian Energy Regulator's (AER) draft Default Market Offer (DMO) for the year to 1 July 2021 included price reductions of between 4.6% and 7.9% for residential customers, and 4.1% and 8.5% for small business customers. The regulated DMO acts as a maximum cap that electricity retailers can charge customers, and Fitch expects further reductions in non-regulated market offers, as retailers pass on lower wholesale prices to customers to win or maintain market share.
Fitch expects lower earnings from Origin's Energy Markets division to reduce the headroom available in its rating. Origin typically generates around 16TWh of energy annually from its Eraring coal-fired plant, but the recent price decreases have seen Origin reduce Earring's output due to its relatively high cost compared to market prices. The completion of the 530MW Stockyard Hill wind farm by the end of 2021 should increase Origin's access to lower-cost generation, although this is unlikely to be sufficient to fully offset the fall in retail prices.
Origin's rating incorporates the benefits of cash distributions from its investment in APLNG, which operates a gas liquefaction project. Origin has guided cash receipts of between AUD575 million and AUD675 million in FY21, and Fitch expects receipts to rise in FY22 as oil prices recover. These increased receipts will help partially offset lower energy markets earnings, but larger-than-expected declines in earnings from this segment or lower-than-forecast receipts from APLNG could place pressure on Origin's rating.
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Wednesday, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
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- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- London Commodity Brokers - England
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
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