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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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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
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