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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, 14 April 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 1.10 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.05 points Monday, down 1.10 percent week on week.
The index, released by Chi ...
Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
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- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- The University of Queensland
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
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