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