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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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Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
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- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- VISA Power Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
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