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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, 12 May 21
U.S. COAL PRODUCTION TO INCREASE BY 43 MMST IN 2021 TOTAL 582 MILLION SHORT TONS - EIA
U.S. energy Information Administration expects U.S. coal production to total 582 million short tons (MMst) in 2021, 43 MMst (8%) more than in 2020. ...
Wednesday, 12 May 21
MARKET INSIGHT - INTERMODAL
Tanker S&P is finally back!
For an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sect ...
Monday, 10 May 21
PAKISTAN: COAL GASIFICATION AND LIQUEFACTION HARMFUL TO ECONOMY - IEEFA
There is no second life for coal
Pakistan’s intention to use coal for power production through gasification and liquefaction technologie ...
Sunday, 09 May 21
HERE'S WHY INVESTORS ARE POURING MONEY INTO COAL, DESPITE ITS BLEAK FUTURE - FORBES
Coal stocks have surged this year – along with the wider energy sector – but experts warn these are likely short-term gains for an indu ...
Sunday, 09 May 21
MAYBANK TO STOP COAL FINANCING - BERNAMA
Malayan Banking Bhd (Maybank) will stop financing new coal activities as part of its sustainable agenda.
Currently, coal financing m ...
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- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
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