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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
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