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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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Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Anglo American - United Kingdom
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Carbofer General Trading SA - India
- White Energy Company Limited
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- VISA Power Limited - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
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