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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
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Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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Showing 616 to 620 news of total 6871 |
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- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- PTC India Limited - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
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