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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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Thursday, 11 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 ...
Tuesday, 09 November 21
ASIA-PACIFIC IS HOME TO SOME OF THE WORLD'S LARGEST CARBON-EMITTERS - 2 CHARTS SHOW ITS RELIANCE ON COAL - CNBC
Asia-Pacific is home to some of the world’s largest carbon emitters — and experts say much of global efforts to fight climate change de ...
Tuesday, 09 November 21
CHINA DAILY COAL OUTPUT HITS MULTI-YEAR PEAK, PRICES EXPECTED TO FALL - REUTERS
China’s daily coal output hit 11.93 million tonnes last week, a multi-year high as more capacity returned to operation, the state planner sai ...
Thursday, 04 November 21
CHINA'S COAL MARKET SEES SIGNIFICANT IMPROVEMENTS: NDRC - GLOBAL TIMES
China’s top economic planner has declared initial success in its efforts to ensure coal supply and stabilize prices, saying that daily coal o ...
Thursday, 04 November 21
CHINA THERMAL COAL PRICES RISE AFTER FALLING FOR 10 DAYS - REUTERS
China thermal coal futures rebounded on Wednesday after falling for 10 days on an expected jump in fuel demand to meet heating needs amid forecasts ...
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- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Australian Coal Association
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
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