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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, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
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- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
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