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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, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Formosa Plastics Group - Taiwan
- The University of Queensland
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
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