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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, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
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Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- The University of Queensland
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Central Java Power - Indonesia
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