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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, 27 May 21
CHINA POWER DEMAND EXCEEDS PRE-COVID-19 LEVELS; THERMAL OUTPUT STRONG - FITCH RATINGS
Rising Consumption: Total power consumption rose by 21.2% yoy to 1,921.9GWh in 1Q21 due to the fast recovery of China’s economy, after a drop ...
Thursday, 27 May 21
CHINA'S POWER DEMAND EXCEEDS PRE-PANDEMIC LEVELS; RENEWABLES TO DRIVE DEVELOPMENT - FITCH RATINGS
China's power consumption exceeded the pre-Covid-19 levels in 1Q21 due to the country's fast economic recovery, with strong output from the ...
Wednesday, 26 May 21
THE INDONESIA COAL PRICE REFERENCE FOR MAY 2021 SETTLES AT US$ 89.74 PER TON
COALspot.com: The Indonesia coal price reference for May 2021 settles at US$ 89.74 per ton FOB vessel.
The Indonesia coal pric ...
Wednesday, 26 May 21
MARKET INSIGHT - INTERMODAL
Last year crude tankers’ newbuilding contracting activity was devastated by the economic effects of the Covid-19 pandemic and the cloud of un ...
Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
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- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- White Energy Company Limited
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
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