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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- White Energy Company Limited
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Minerals Council of Australia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
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