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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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Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
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- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
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