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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, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
Wednesday, 07 April 21
MARKET INSIGHT - INTERMODAL
Following the end of the catholic easter, during which the majority of shipping market participants were on holidays, it is interesting to note a f ...
Wednesday, 07 April 21
COAL USED TO GENERATE ELECTRIC POWER IN U.S. WILL INCREASE BY 13 PERCENT TO 495 MMST IN 2021 - EIA
EIA expects U.S. coal production to total 585 MMst in 2021, 46 MMst (9%) more than in 2020. In 2022, EIA expects coal production to grow by an addi ...
Wednesday, 31 March 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.12 PCT - XINHUA
China Taiyuan coal transaction price index stood at 139.03 points Monday, up 0.12 percent week on week.
The index, released by China ...
Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At th ...
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- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
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