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Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
 Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their credit metrics in 2021. However, the magnitude may vary as they have different risk exposure to coal-price fluctuations from factors such as fuel mix, business and geographical diversification, degree of integration and coal procurement strategy.
The Chinese benchmark Qinhuangdao 5,500 kcal/kg coal price surged 66% yoy to CNY942/tonne by end-July 2021. Power gencos with higher capacity contribution from coal-fired power and less integration into the coal-mining business are more vulnerable to the coal price rally.
However, their coal procurement strategies may partly mitigate the adverse impact. Some power gencos maintain a high share of procurement via long-term contracts, which, to some extent, can mitigate their lack of a natural hedge from having an upstream coal-mining business. Power gencos in coastal regions also use more imported coal, which is generally cheaper than domestic coal, while power gencos with assets in proximity to low-cost inland coal mines benefit from lower coal price volatility and transport costs.
Fitch expects rated Chinese power gencos’ leverage to rise in 2021 due to lower operating cash flow, reflecting the coal-price-driven profit decline, and higher capex to fund renewable investments. We expect most of the rated gencos’ Issuer Default Ratings (IDR) to remain intact due to their status as government-related entities or subsidiaries with IDRs linked directly or indirectly to the creditworthiness of their local governments under a top-down approach based on our Government-Related Entities Rating Criteria. However, standalone credit profile headroom for some entities may be reduced due to the elevated leverage.
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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- The University of Queensland
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Economic Council, Georgia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
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