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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
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