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