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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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Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
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- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
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