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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
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