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