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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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Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Minerals Council of Australia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
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