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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the Ukraine conflict, Prime Minister Anthony Albanese said on Friday.
Gas prices will be capped at A$12 per gigajoule (GJ), while the limit for coal will be A$125 per tonne for 12 months, with the government supporting coal producers whose costs exceed that figure, he said.
“Extraordinary times call for extraordinary measures, and we know, with the Russian invasion of Ukraine, what we’ve seen is a massive increase in global energy prices,” Albanese told reporters after a national cabinet meeting with state leaders.
The government also agreed to provide assistance of up to A$1.5 billion to homes and small businesses, starting from the second quarter of 2023.
The gas price cap will apply to new wholesale gas sales by east coast producers. At A$12, it is less than half the average short term gas price of A$26/GJ in the third quarter, according to data from research group EnergyQuest.
The coal price cap will apply to coal used in power generation, the government said. The cap of A$125 is about half the A$249 a tonne average selling price Banpu achieved for its Australian coal in the third quarter.
Gas producers had urged the government not to impose the price cap, saying it would deter future investment in supply, which would be key to driving down prices in the long run, and could damage Australia’s reputation for foreign investors.
Producers that could be hit by the gas price cap include ExxonMobil Corp, Shell Plc, Origin Energy , Woodside Energy Group, Santos Ltd and South Korean steel giant POSCO International Corp’s Senex Energy.
“The uncertainty caused by the federal government’s plan to impose a price cap in the eastern Australian gas market has already destroyed the confidence both buyers and sellers need in order to complete the transactions that will ensure energy supplies to households and businesses,” a Woodside spokesperson said.
Coal producers that will be affected include Glencore Plc , Banpu Resources Australia, a unit of Banpu PCL , Coronado Global Resources and Peabody Corp , which supply coal to power plants in New South Wales and Queensland states.
Coal producers declined to comment until seeing further details on how the price cap would work.
The Australian Industry Group welcomed the price caps but said they were not the best solution.
“They will be messy to implement … but they look likely to be very helpful in dampening the immediate economic pain of this global energy crisis,” Ai Group chief executive Innes Willox said in a statement.
However, power producers, represented by the Australian Energy Council, said it was unclear whether electricity bills will fall anytime soon, because energy retailers and generators who hedge their risks have already settled their contracts for the next 12 months on the basis of higher prices.
“If more lower priced fuel is available, over time those savings may lead to lower wholesale electricity prices, but that will take time to flow through to end users,” Australian Energy Council Chief Executive Sarah McNamara said in a statement.
Source: Reuters
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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
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