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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, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- Central Java Power - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Australian Coal Association
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- White Energy Company Limited
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
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