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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, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Australian Coal Association
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- The University of Queensland
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
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