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