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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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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Mjunction Services Limited - India
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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