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