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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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Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Australian Coal Association
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
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