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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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Wednesday, 01 December 21
SUPPLY OF COAL TO POWER PLANTS IN NOV MORE THAN CONSUMPTION: JOSHI - PTI
The supply of coal to power plants in November is more than the consumption, resulting in rise in stock of dry fuel at power plants, and this trend ...
Wednesday, 01 December 21
MARKET INSIGHT - INTERMODAL
Essentially, anyone involved in the shipping and commodity markets still struggle with commodity supply issues and skyrocketing prices in the conte ...
Tuesday, 30 November 21
CHINA'S TOP ECONOMIC PLANNER SUMMONS COAL PRODUCERS; LONG-TERM PRICING MECHANISM IS ADVISED - GLOBAL TIMES
China’s top economic planner the National Development and Reform Commission (NDRC) said on Monday that they summoned coal producers for a hea ...
Tuesday, 30 November 21
CHINA'S COAL PRICES PLUNGE AFTER GOVT SIGNALS MORE PRICE REGULATION - REUTERS
China’s thermal coal futures dropped 5.6% on Monday after the state economic planner signaled further regulations for prices of the dirty pow ...
Friday, 26 November 21
AS COAL MARKET STABILIZES, CHINA STEPS UP NATURAL GAS SUPPLY TO MEET WINTER DEMAND - GLOBAL TIMES
The daily supply of natural gas in China has exceeded 1 billion cubic meters (bcm) since November began, up 11 percent year-on-year, data from stat ...
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- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- The University of Queensland
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Planning Commission, India
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
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