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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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Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Planning Commission, India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
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