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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
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