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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, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
Thursday, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
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- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
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