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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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- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- White Energy Company Limited
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- The University of Queensland
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
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