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