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