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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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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
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