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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, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
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