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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, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
Wednesday, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
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