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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Wilmar Investment Holdings
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