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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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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
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