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