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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
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