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