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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
 Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies, Fitch Ratings says. Smaller companies in these industries are under the most pressure, while larger and more diversified issuers rated by Fitch are better positioned to mitigate the impact. Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities. However, we expect prices to moderate once seasonal demand reduces.
High gas prices and working capital fluctuations have already caused several non-integrated UK gas suppliers (not rated by Fitch) to ask for state support in fulfilling their supply obligations to customers.
The Spanish government has introduced a levy on low-carbon power producers to support smaller suppliers.
Supply is typically a small part of larger Fitch-rated integrated utilities in Europe, which are able to pass costs on to most customer groups, or hedge. Although we expect higher gas prices to increase regulatory risks, the rated utilities’ diversification by jurisdiction and business line, including electricity production and distribution networks, cushions the impact. The unfolding situation in the European gas market may further accelerate the energy transition in the utility sector towards renewables.
Fertiliser producers have been severely affected by rising gas prices. Gas is a key input in ammonia production, which is further used in urea and DAP production. Several ammonia plants in Europe have cut their output or have temporarily shut down operations. Larger Fitch-rated fertiliser producers with a global presence are able to continue production in other regions or source ammonia from third parties, limiting the impact. Producers may also seek to increase fertiliser prices to pass costs onto consumers.
Agriculture and food producers are affected by challenges in the fertiliser sector. Agribusinesses may face shortages in fertiliser supplies and increased prices, most likely increasing their costs in the next season’s harvest. However, meat processors and carbonated drinks manufacturers, particularly in the UK, already face disruptions due to CO2 shortages, which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks production. Geographically diversified food and beverages producers are better positioned to mitigate such shortages.
The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. Prices have also risen due to market fears of a gas deficit during the winter heating season due to low European storage utilisation compared to previous years.
Utilisation at Gazprom-linked storage facilities (around 10% of European capacity) is particularly low, affecting average utilisation rates in Austria, Germany and the Netherlands. Furthermore, unlike September in recent years, Gazprom has not offered any meaningful volumes for delivery this or next year via its electronic sales platform (a sales channel for short-term gas deliveries, used in addition to sales under long-term contracts). Gazprom’s total exports should increase in 2021 but this is unlikely to be sufficient to re-balance the market. Starting the new Nord Stream 2 pipeline, which is facing difficulties in obtaining necessary approvals from regulators in Europe, may affect the availability of additional gas volumes.
We have recently increased our short-term gas price assumptions. However, we expect a normalisation of demand and potential additional supplies to result in a return to mid-cycle pricing from 2023.
Source: Fitch Ratings
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Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
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- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
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