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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, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
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- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Planning Commission, India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- PTC India Limited - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
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