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