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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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Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
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- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
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