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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Trasteel International SA, Italy
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