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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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Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
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