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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, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
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Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
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