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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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Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
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Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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