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