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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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Wednesday, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Planning Commission, India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Australian Coal Association
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
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