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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, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
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