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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
 Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies, Fitch Ratings says. Smaller companies in these industries are under the most pressure, while larger and more diversified issuers rated by Fitch are better positioned to mitigate the impact. Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities. However, we expect prices to moderate once seasonal demand reduces.
High gas prices and working capital fluctuations have already caused several non-integrated UK gas suppliers (not rated by Fitch) to ask for state support in fulfilling their supply obligations to customers.
The Spanish government has introduced a levy on low-carbon power producers to support smaller suppliers.
Supply is typically a small part of larger Fitch-rated integrated utilities in Europe, which are able to pass costs on to most customer groups, or hedge. Although we expect higher gas prices to increase regulatory risks, the rated utilities’ diversification by jurisdiction and business line, including electricity production and distribution networks, cushions the impact. The unfolding situation in the European gas market may further accelerate the energy transition in the utility sector towards renewables.
Fertiliser producers have been severely affected by rising gas prices. Gas is a key input in ammonia production, which is further used in urea and DAP production. Several ammonia plants in Europe have cut their output or have temporarily shut down operations. Larger Fitch-rated fertiliser producers with a global presence are able to continue production in other regions or source ammonia from third parties, limiting the impact. Producers may also seek to increase fertiliser prices to pass costs onto consumers.
Agriculture and food producers are affected by challenges in the fertiliser sector. Agribusinesses may face shortages in fertiliser supplies and increased prices, most likely increasing their costs in the next season’s harvest. However, meat processors and carbonated drinks manufacturers, particularly in the UK, already face disruptions due to CO2 shortages, which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks production. Geographically diversified food and beverages producers are better positioned to mitigate such shortages.
The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. Prices have also risen due to market fears of a gas deficit during the winter heating season due to low European storage utilisation compared to previous years.
Utilisation at Gazprom-linked storage facilities (around 10% of European capacity) is particularly low, affecting average utilisation rates in Austria, Germany and the Netherlands. Furthermore, unlike September in recent years, Gazprom has not offered any meaningful volumes for delivery this or next year via its electronic sales platform (a sales channel for short-term gas deliveries, used in addition to sales under long-term contracts). Gazprom’s total exports should increase in 2021 but this is unlikely to be sufficient to re-balance the market. Starting the new Nord Stream 2 pipeline, which is facing difficulties in obtaining necessary approvals from regulators in Europe, may affect the availability of additional gas volumes.
We have recently increased our short-term gas price assumptions. However, we expect a normalisation of demand and potential additional supplies to result in a return to mid-cycle pricing from 2023.
Source: Fitch Ratings
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Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
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- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- The University of Queensland
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
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