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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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- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- The University of Queensland
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- GMR Energy Limited - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
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