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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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Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
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