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