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Friday, 03 August 12
INDIA - LIGHTS OUT! - SALVA
 The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across northern India, including Delhi. The following day, the lights went out again, but this time over 600 million people in 20 of India’s 28 states were affected, with the outages covering range of 3000 kilometers in the northern and eastern regions. The authorities’ response has ranged from blaming states for overdrawing from the grid, to appointing a committee to inquire into the causes of the blackout. However, these latest outages are merely symptomatic of much larger problems in India’s power sector, which has been short of power for years.
In Salva’s view, the problem does not lie within the generation sector – but with its upstream (coal supply and transportation) and downstream (transmission and distribution) counterparts. Since the generation sector was deregulated in FY03-04 to enable private participation, installed generation capacity has almost doubled, growing by 92GW or 85%, at a CAGR of 10.8%. The vast majority of this new capacity is coal-fired, which added another 18GW of new capacity in FY11-12 and a further 4.2GW in Q1’12.
However, this new power generation capacity is not being fully utilised, with plant load factors for coal declining from 79.2% in H1’11 to 75.8% in H1’12 and 72% most recently in June. Over 4.3TWh of coal-fired generation was lost in June alone due to low coal supply with a further 1.4TWh lost because of transmission constraints and unplanned outages. Given these figures, clearly thermal coal supply remains a problem. While domestic coal production has increased in 2012, it has languished in recent years, growing at around 1% (5Mt) between 2008-11, which pales in comparison against annual coal-fired power capacity growth of over 10%. Even when production is strong, which it has been in early 2012 (by Indian standards), transportation of coal remains highly problematic. Indian Railways has not been able to procure wagons in time to boost availability sufficiently. This has resulted in coal shortages at power plants and growth in coal mine stockpiles. Transport capacity remains severely constrained as capacity addition has languished at the altar of populism. Passenger traffic shares the same infrastructure as freight, causing freight such as coal to be given a lower priority.
The Electricity Act of 2003 freed up the generation sector, but the same reforms haven’t yet percolated to the transmission and distribution sectors, which are suffering from the same bottlenecks that existed prior to 2003. Transmission capacity is not being developed at the same pace as generation capacity, while distribution reforms remain a pipe dream. As domestic coal production has not kept pace with demand, power producers have used much costlier imported coal to generate electricity. However, India’s tariff framework is still lagging behind, so the State Electricity Boards require ever increasing financial support from state owned banks and financial institutions. Tariff reform is an immediate requirement. Only that will facilitate the sector’s much needed investment.
What are the implications if this is not done now?
Indian cities are accustomed to power cuts. However, increasing prosperity has increased electricity demand and, coupled with the weak monsoon this year, has caused power demand to spike. Agricultural states like Uttar Pradesh, Haryana and Punjab have increasingly overdrawn power from the grids to feed the agricultural sector (which ironically is not metered as power is free for farmers) and to meet residential demand. The agricultural sector is still dependent upon the monsoon as the irrigation network is not widespread, and the weak monsoon has resulted in farmers pumping groundwater onto their fields. Generally electricity demand is low during the monsoon months (June-September) as the rains reduce temperatures. However, the rains have been weak and hence residential power demand has remained strong. This has been further exacerbated with the additional demand from the agricultural sector. State power distribution companies have not planned in advance to buy additional electricity and have overdrawn power from the grid without additional generation being supplied. This has destabilised the grid and caused it to fail.
The impact of the electricity shortages have been felt by the public at large, with a few incidents of people protesting on the road. However, it hasn’t erupted into widespread unrest - thankfully.
The implications of not carrying out reforms in the transmission and distribution sector are now apparent. Lack of adequate investment in the transmission sector will hobble the impressive generation capacity that has been developed. Lack of commercial reforms in the power distribution sector will not provide the returns or even cover the basic cost of generation. The power sector is already sick and if reforms are not carried out with the seriousness required, India will suffer further setbacks.
Source: Salva
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Sunday, 20 January 13
Q1 & Q4 SUB-BIT FOB INDONESIA COAL SWAPS: FIRM
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) and CFR South China coal shipment for average Q1’ 2013 delivery have gained 0.81percent and ...
Sunday, 20 January 13
S7 & S8 ROUTE FREIGHT TREND IS EXPECTED TO BE FLAT TO SOFT THIS WEEK - VISTAAR
COALspot.com - The freight market was fairly steady with all the indices BDI up by 9.21 pct closing at 837 points. The Cape index was also sharply u ...
Friday, 18 January 13
NEWLEAD HOLDINGS LTD. TO ACQUIRE TWO COAL PROPERTIES WITH ESTIMATED COAL RESERVES OF 18.6 MMT & 143.1 MMT
NewLead Holdings Ltd. Announces Signing Agreement to Acquire Properties with Estimated Coal Reserves of 18.6 Million Tons; Signing Agreement to Acqu ...
Friday, 18 January 13
DRY BULK MARKET ON THE RISE, ON STRONG DEMAND FOR CAPESIZE VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has continued its climbing trend yesterday, as the industry's benchmark, the Baltic Dry Index (BDI) was up by 39 points to 820. ...
Friday, 18 January 13
CAPESIZE : SIGNALS ARE MIXED BUT THE OVERALL TENDENCY IS POSITIVE - FEARNLEYS
Handy
The Atlantic market remained stable with USG-Feast fixed around USD 17k, according to fearnleys’s weekly report.
Continent / Medite ...
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- PTC India Limited - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- The University of Queensland
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
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