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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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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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- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- MS Steel International - UAE
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- PTC India Limited - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
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