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