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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, 22 October 21
CHINA WANTS TO COOL COAL PRICES. SIMILAR MOVES FOR METALS, CRUDE FAILED - REUTERS
China’s latest attempt to lower runaway commodity prices, this time for thermal coal, is likely to follow a familiar pattern of initial succe ...
Friday, 22 October 21
HARD COAL REMAINS AN IMPORTANT FACTOR FOR SECURITY OF SUPPLY - COAL IMPORTERS ASSOCIATION, GERMANY
- Hard coal remains an important factor for security of supply
- Increase of around 35% in hard-coal-fired power generation in the first three ...
Wednesday, 20 October 21
CHINA'S COAL SHORTAGE TO EASE IN COMING MONTHS, INDUSTRY BODY SAYS - REUTERS
China’s coal shortage will likely ease in coming months, with domestic production and imports already showing signs of picking up, a coal ind ...
Wednesday, 20 October 21
CHINA'S RAW COAL OUTPUT DROPS IN SEPTEMBER - XINHUA
China’s raw coal output dropped 0.9 percent year on year to 330 million tonnes last month, data from the National Bureau of Statistics (NBS) ...
Wednesday, 20 October 21
OVER-RELIANCE ON COAL IN OUR POWER MIX HURTING INDIA - LIVEMINT
In spite of the renewables push, coal still accounts for about 50% of India’s installed power capacity. That means a simultaneous demand and ...
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- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
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