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