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