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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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Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
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- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
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