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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Planning Commission, India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
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