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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, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- The University of Queensland
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
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