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