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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Planning Commission, India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Petron Corporation, Philippines
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
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