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