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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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- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
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