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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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Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
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- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- White Energy Company Limited
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
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