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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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Wednesday, 05 January 22
CHINA COAL FUTURES SURGE ON SUPPLY WORRIES AMID INDONESIA EXPORT BAN - REUTERS
China’s thermal coal futures surged by as much as 7.8per cent to kick off 2022 on concerns of supply disruptions after Indonesia, its biggest ...
Wednesday, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
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- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Indika Energy - Indonesia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- CNBM International Corporation - China
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
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