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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, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Australian Coal Association
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
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