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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- The University of Queensland
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Planning Commission, India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
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