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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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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- The University of Queensland
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
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