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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, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
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