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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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Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- MS Steel International - UAE
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- VISA Power Limited - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
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