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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, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
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