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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- The University of Queensland
- Economic Council, Georgia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
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