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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, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Australian Coal Association
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Planning Commission, India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
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