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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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Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
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