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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, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
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