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