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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, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
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- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
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