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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the Ukraine conflict, Prime Minister Anthony Albanese said on Friday.
Gas prices will be capped at A$12 per gigajoule (GJ), while the limit for coal will be A$125 per tonne for 12 months, with the government supporting coal producers whose costs exceed that figure, he said.
“Extraordinary times call for extraordinary measures, and we know, with the Russian invasion of Ukraine, what we’ve seen is a massive increase in global energy prices,” Albanese told reporters after a national cabinet meeting with state leaders.
The government also agreed to provide assistance of up to A$1.5 billion to homes and small businesses, starting from the second quarter of 2023.
The gas price cap will apply to new wholesale gas sales by east coast producers. At A$12, it is less than half the average short term gas price of A$26/GJ in the third quarter, according to data from research group EnergyQuest.
The coal price cap will apply to coal used in power generation, the government said. The cap of A$125 is about half the A$249 a tonne average selling price Banpu achieved for its Australian coal in the third quarter.
Gas producers had urged the government not to impose the price cap, saying it would deter future investment in supply, which would be key to driving down prices in the long run, and could damage Australia’s reputation for foreign investors.
Producers that could be hit by the gas price cap include ExxonMobil Corp, Shell Plc, Origin Energy , Woodside Energy Group, Santos Ltd and South Korean steel giant POSCO International Corp’s Senex Energy.
“The uncertainty caused by the federal government’s plan to impose a price cap in the eastern Australian gas market has already destroyed the confidence both buyers and sellers need in order to complete the transactions that will ensure energy supplies to households and businesses,” a Woodside spokesperson said.
Coal producers that will be affected include Glencore Plc , Banpu Resources Australia, a unit of Banpu PCL , Coronado Global Resources and Peabody Corp , which supply coal to power plants in New South Wales and Queensland states.
Coal producers declined to comment until seeing further details on how the price cap would work.
The Australian Industry Group welcomed the price caps but said they were not the best solution.
“They will be messy to implement … but they look likely to be very helpful in dampening the immediate economic pain of this global energy crisis,” Ai Group chief executive Innes Willox said in a statement.
However, power producers, represented by the Australian Energy Council, said it was unclear whether electricity bills will fall anytime soon, because energy retailers and generators who hedge their risks have already settled their contracts for the next 12 months on the basis of higher prices.
“If more lower priced fuel is available, over time those savings may lead to lower wholesale electricity prices, but that will take time to flow through to end users,” Australian Energy Council Chief Executive Sarah McNamara said in a statement.
Source: Reuters
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Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Planning Commission, India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
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