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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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Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
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- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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