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