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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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Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
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