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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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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
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