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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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Friday, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Minerals Council of Australia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Parliament of New Zealand
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Australian Coal Association
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- VISA Power Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
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