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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, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
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- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- The University of Queensland
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
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