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Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
 Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their credit metrics in 2021. However, the magnitude may vary as they have different risk exposure to coal-price fluctuations from factors such as fuel mix, business and geographical diversification, degree of integration and coal procurement strategy.
The Chinese benchmark Qinhuangdao 5,500 kcal/kg coal price surged 66% yoy to CNY942/tonne by end-July 2021. Power gencos with higher capacity contribution from coal-fired power and less integration into the coal-mining business are more vulnerable to the coal price rally.
However, their coal procurement strategies may partly mitigate the adverse impact. Some power gencos maintain a high share of procurement via long-term contracts, which, to some extent, can mitigate their lack of a natural hedge from having an upstream coal-mining business. Power gencos in coastal regions also use more imported coal, which is generally cheaper than domestic coal, while power gencos with assets in proximity to low-cost inland coal mines benefit from lower coal price volatility and transport costs.
Fitch expects rated Chinese power gencos’ leverage to rise in 2021 due to lower operating cash flow, reflecting the coal-price-driven profit decline, and higher capex to fund renewable investments. We expect most of the rated gencos’ Issuer Default Ratings (IDR) to remain intact due to their status as government-related entities or subsidiaries with IDRs linked directly or indirectly to the creditworthiness of their local governments under a top-down approach based on our Government-Related Entities Rating Criteria. However, standalone credit profile headroom for some entities may be reduced due to the elevated leverage.
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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Australian Coal Association
- The University of Queensland
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
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