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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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Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
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- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Indika Energy - Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
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