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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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Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
Thursday, 07 January 21
FITCH FORECASTS DOUBLING IN ASIAN WIND, SOLAR CAPACITY BY 2029, TOPPING 1,500GW
Despite some near-term delays due to the Covid-19 pandemic, solar power and offshore wind will drive steep growth in non-hydro renewables in Asia, ...
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- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- The University of Queensland
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
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