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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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Tuesday, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
Tuesday, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
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- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
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