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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, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
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Showing 616 to 620 news of total 6871 |
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- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
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