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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, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
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