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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, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
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- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
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