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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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Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
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- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
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