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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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Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
Tuesday, 01 June 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.02 PCT - XINHUA
China Taiyuan coal transaction price index stood at 160.06 points Monday, down 0.02 percent week on week.
The index, released by Chi ...
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- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- GMR Energy Limited - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Planning Commission, India
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