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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- The University of Queensland
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
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