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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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Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Thursday, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
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- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- PTC India Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
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