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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
 Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electricity generators and retailers. This is despite recent agreements to continue operating an aluminium smelter that accounts for around 10% of the State of Victoria's energy demand.
Lower demand due to mild weather and 3,700MW of new renewable generation capacity starting up resulted in average wholesale spot electricity prices falling by 23%-58% in 2020. Fitch expects pricing pressure to persist through to 2022, as more renewable generation comes online, and demand remains subdued. Prices may partially recover in 2023 as the planned closure of AGL's 2,000MW Liddell Coal power plant will remove some generation capacity from the market and as weather conditions normalise.
The lower prices are likely to reduce the earnings of power producers and retailers. Origin Energy Ltd (BBB/Stable) cut its guidance for Energy Markets division EBITDA for the financial year ended 30 June 2021 (FY21) to AUD1.00 billion-1.14 billion (FY20: AUD1.46 billion. AGL Energy Ltd also announced AUD2.7 billion of charges, reflecting onerous contracts primarily related to high-cost wind farm offtake agreements, as well as AUD532 million of impairments to the value of its generation fleet and natural gas assets.
Fitch expects Origin's Energy Markets earnings to fall further in FY22 as the decline in wholesale prices leads to lower retail prices. The Australian Energy Regulator's (AER) draft Default Market Offer (DMO) for the year to 1 July 2021 included price reductions of between 4.6% and 7.9% for residential customers, and 4.1% and 8.5% for small business customers. The regulated DMO acts as a maximum cap that electricity retailers can charge customers, and Fitch expects further reductions in non-regulated market offers, as retailers pass on lower wholesale prices to customers to win or maintain market share.
Fitch expects lower earnings from Origin's Energy Markets division to reduce the headroom available in its rating. Origin typically generates around 16TWh of energy annually from its Eraring coal-fired plant, but the recent price decreases have seen Origin reduce Earring's output due to its relatively high cost compared to market prices. The completion of the 530MW Stockyard Hill wind farm by the end of 2021 should increase Origin's access to lower-cost generation, although this is unlikely to be sufficient to fully offset the fall in retail prices.
Origin's rating incorporates the benefits of cash distributions from its investment in APLNG, which operates a gas liquefaction project. Origin has guided cash receipts of between AUD575 million and AUD675 million in FY21, and Fitch expects receipts to rise in FY22 as oil prices recover. These increased receipts will help partially offset lower energy markets earnings, but larger-than-expected declines in earnings from this segment or lower-than-forecast receipts from APLNG could place pressure on Origin's rating.
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Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
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