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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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Friday, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
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