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