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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, 25 October 21
A QUESTION OF POSSESSION - THE BALTIC EXCHANGE
Possession and tangibility are closely related concepts long established under English law. Yet a change to these concepts is around the corner. Th ...
Monday, 25 October 21
CHINA VOWS TO SEVERELY PUNISH MARKET VIOLATIONS AMID LOW COAL FUTURES PRICES - GLOBAL TIMES
Domestic coal futures had plunged for three consecutive trading days after the government vowed to crack down on soaring prices, and China’s ...
Monday, 25 October 21
FARMERS MAY JOIN THE COAL COMMODITY MARKET TO REDUCE RISKS - GLOBAL TIMES
A recent trip to by the Global Times to East China’s Shandong Province to get a glimpse of China’s coal supply chain revealed a surpris ...
Monday, 25 October 21
CHINA COAL PRICES MARK WORST WEEK SINCE MAY ON GOVERNMENT INTERVENTION - REUTERS
China’s thermal coal futures plunged on Friday and turned in their worst week in five months, following Beijing’s strongest interventio ...
Friday, 22 October 21
THE BIG PICTURE: ENERGY MARKETS - BREAK WAVE ADVISORS
The shipping markets have been pulled further into wild markets of coal and other energy sources. Given how nebulous this sector is, it’s alw ...
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- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Central Java Power - Indonesia
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