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