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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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- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
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