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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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Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
Wednesday, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- MS Steel International - UAE
- Ministry of Mines - Canada
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
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