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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, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- White Energy Company Limited
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
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