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