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