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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, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
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