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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, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
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- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Australian Coal Association
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Renaissance Capital - South Africa
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