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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, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
Wednesday, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
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- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
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- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
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- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
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- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
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- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- White Energy Company Limited
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- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Wilmar Investment Holdings
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- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Economic Council, Georgia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
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- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
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- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
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- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
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- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
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- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- London Commodity Brokers - England
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- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
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