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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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Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Marubeni Corporation - India
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