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