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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, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
Wednesday, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
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- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
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