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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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Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
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- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Marubeni Corporation - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Planning Commission, India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
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