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