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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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Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
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