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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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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
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 ...
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- PTC India Limited - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
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