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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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Friday, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Australian Coal Association
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
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