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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, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- White Energy Company Limited
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- The University of Queensland
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
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