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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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Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
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- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- GMR Energy Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Planning Commission, India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
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