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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Baramulti Group, Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- The University of Queensland
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
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