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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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Friday, 25 November 22
APAC THERMAL COAL PRICES CORRECT FROM RECORD HIGH - FITCH RATINGS
Prices of Newcastle 6,000kcal/kg coal have corrected following falling European gas and coal prices, and more supply from Australia could help miti ...
Thursday, 24 November 22
VIETNAM BOOSTS COAL USE PLAN FOR 2030 AS G7 CLIMATE OFFER STALLS - REUTERS
Vietnam has increased its coal power target for 2030 under a revised draft energy plan, government documents seen by Reuters show, while renewables ...
Tuesday, 22 November 22
THE GENCON 2022 CHARTERPARTY - GARD
KNOWLEDGE TO ELEVATE
BIMCO has published a revamped version of the popular GENCON charterparty. Our author, Helena Biggs, was a member of the ...
Tuesday, 22 November 22
INDIA POWER BINGES ON COAL, OUTPACES ASIA - REUTERS
India’s coal-fired power output has increased much faster than any other country in the Asia Pacific since Russia’s invasion of Ukraine ...
Friday, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
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- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- The University of Queensland
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
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