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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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
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