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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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Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
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Showing 621 to 625 news of total 6871 |
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- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- The University of Queensland
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Australian Coal Association
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
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