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