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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, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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Showing 406 to 410 news of total 6871 |
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- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
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