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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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Monday, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- The University of Queensland
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
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