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