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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, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
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