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