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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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Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. O ...
Tuesday, 13 April 21
INDONESIAN COAL PRICE REFERENCE IN APRIL UP AGAIN ON FIRM DEMAND
COALspot.com: The Indonesia coal price reference for April 2021 settles at US$ 86.68 per ton FOB vessel.
The Indonesia coal pr ...
Monday, 12 April 21
CHINA'S ECONOMIC RECOVERY PUSHES COAL MINES TO INCREASE YIELD - GLOBAL TIMES
China’s fast economic rebound from coronavirus has driven up electricity demand, leading to higher consumption of coal which is seeing rising ...
Monday, 12 April 21
GLOBAL COAL PRODUCTION EXPECTED TO RISE BY 3.5% IN 2021, SAYS GLOBALDATA
Global coal output is estimated to have declined by 2% in 2020 due to COVID-19-related lockdowns and restrictions, with significant reductions obse ...
Wednesday, 07 April 21
KOMIPO ISSUED A TENDER FOR TOTAL 1,560,000 METRIC TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for total 1,560,000 Metric Tons of Bituminous coal for i ...
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- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Planning Commission, India
- Deloitte Consulting - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
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