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Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
 High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power shortfalls seen recently in parts of the country are unlikely to drive large-scale shifts in investment plans, as the problems reflect weak peak-load flexibility rather than structural power shortages.
Total power consumption rose 9.4% yoy in November 2020, according to the China Electricity Council, and peak loads have reached record levels for many regional grids. Demand for power has been supported by robust economic growth, but also by unusually cold conditions that have bolstered demand for heating.
A variety of supply factors have also contributed to the power shortages. In areas such as Hunan, renewables contributions, particularly from hydropower, have been weak as a result of weather conditions. Regulatory pressures to curb thermal power carbon dioxide emissions in order to meet targets under the 13th Five Year Plan (ending in 2020) have also played a role in regions like Zhejiang.
Coal market dynamics have aggravated the situation. The government’s supply-side reform agenda has sought to improve the underlying stability of domestic coal markets by trimming excess supply, but in the near term this has reduced capacity to meet spikes in demand. Supplies have been dented further by tougher mining permit reviews and safety checks in Inner Mongolia, an important production region, and the impact of cold weather on transport systems and production in northern China.
Restrictions on imports of thermal coal from Australia may also have played a role at the margin. Such imports are small relative to total demand, and China has increased coal imports from other producers like Indonesia, but the curbs may have increased the vulnerability of local coal prices to demand spikes.
Meanwhile, in some provinces gas-fired power plants have failed to play their usual role in smoothing peak-load adjustments, as gas supplies were prioritised for heating in northern China. Gas-fired power’s contribution to generation has risen in January as additional gas has been sourced for heating, easing supply constraints.
There is no fuel-cost pass-through for coal. High energy prices will thus dampen near-term profitability among generating companies (gencos) with greater reliance on coal. This could affect Fitch-rated companies such as China Huaneng Group (A/Stable), China Huadian Corporation (A/Stable), State Power Investment Corporation (A/Stable), Guangdong Energy Group (A/Stable) and Zhejiang Provincial Energy (A/Stable). However, strong demand should raise capacity utilisation and reduce the price discount on market-traded power, offsetting the impact slightly.
Upstream producers such as Yanzhou Coal (BB-/Rating Watch Positive) and the three national oil companies should benefit from these same dynamics. However, we still expect coal prices to trend lower in the longer term, as the government remains committed to reducing coal’s share in the national energy mix.
The State Council stated on 8 January that development of natural gas and coal storage facilities, and emergency back-up power systems, would be accelerated. We have already budgeted high levels of capex for most power gencos in the medium term, focused mostly on renewable energy, and do not expect to change our forecasts significantly owing to the recent disruption. In addition, we do not expect substantial additional investment in LNG storage, but believe the government will accelerate approvals for new gas storage facilities and slow the phase-out of coal-fired power plants.
The government may also encourage provinces with power shortages to make greater use of imports, which could benefit issuers from surplus regions like Gansu Province Electric Power Investment (BBB-/Stable). Inter-provincial ultra-high-voltage distribution lines are available, but have been underutilised during the current situation as the supporting coal-fired power has not been available.
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Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
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 ...
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- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- The University of Queensland
- McConnell Dowell - Australia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
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