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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, 20 October 21
CHINA COAL HITS RECORD HIGH AMID TIGHT SUPPLIES - REUTERS
China coal prices hit a record high on Tuesday buoyed by a widening power crunch and cold weather despite Beijing’s efforts to bolster supply ...
Wednesday, 20 October 21
MARKET INSIGHT - INTERMODAL
IMO 2020, Ballast Water Treatment regulations, Green Recycling, GHG emissions, EEXI, CII, ETS, Fit for 55, Carbon price/levy, the Poseidon Principl ...
Tuesday, 19 October 21
SPONGE IRON SECTOR MIGHT REPORT NEGATIVE GROWTH DUE TO COAL CRISIS: SIMA - PTI
The domestic sponge iron industry might report a negative growth in the ongoing December quarter “if the shortage of coal is allowed to conti ...
Tuesday, 19 October 21
COAL INDIA, THE FALL GUY FOR POWER CRISIS - INDIA EXPRESS
The post-Covid economic recovery has led to a major increase in the demand for power, both in India and globally. In India, coal-based power plants ...
Saturday, 16 October 21
SOLAR INSTALLATION SURGE PUTS INDIA ON TRACK TO CAP COAL-FIRED POWER AS EARLY AS 2024 - IEEFA
Recent increase in solar power installations could push coal to peak sooner than expected
If India keeps installing solar capacity a ...
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- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
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