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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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- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
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