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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Australian Coal Association
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
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