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Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
 Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but involve relatively small steps or lack specifics to support a meaningful improvement in the short-term. There are entrenched structural issues affecting the performance of the power sector of India and the solution would require a sustained and disciplined policy focus.
Fitch Ratings further said in its latest report that, the Indian budget for FY15, the finance minister announced several measures for the power sector. These include an extension of the tax holiday for power projects to March 2017 from March 2015, which we consider to be positive for investment activity. The budget also called for the provision of adequate quantity of coal to power plants commissioned by March 2015. However, the budget lacked very specific measures detailing how this will be achieved.
Fitch believes that it will not be possible to raise the production of coal significantly within a year. Aside from inadequate domestic production, infrastructure bottlenecks such as rail infrastructure also continue to act as a constraint to ensuring adequate coal supplies to power plants. Among the announced measures is the rationalisation of coal linkages to reduce transportation costs of coal; while this is a good measure, we believe such a reallocation of coal resources would have operational issues and can take some time to achieve.
Domestic coal production is much lower than the requirements of the power sector, and hence we think the coal shortage at various power plants will continue. India's total coal based power capacity at April 2014 was around 140 gigawatts (GW). This is expected to increase by around 15GW per year, which would require an additional 60 million tonnes of coal. There needs to be a sustained and long term plan in order to consistently increase domestic coal production.
The new administration has intensified pressure on Coal India Limited to improve its coal delivery. At the same time, the agency understands the government may revive coal pooling (i.e. pooled prices by combining both domestic and imported coal) as the country will have to import higher quantities of coal to support demand given that domestic production may be slow to ramp-up.
India also has around 20GW of gas based power plants which are severely affected due to the low availability of domestic gas. The budget also focuses on the renewable sector - most notably solar - for which there is an allocation of INR10bn for setting up solar plants in a few states and solar power driven agricultural pump sets.
The entire ecosystem of the power sector - from generation to distribution - needs to be strengthened. The financial health of the various state utilities needs to be improved through tariff rationalization and by addressing transmission and distribution losses.
About Fitch Ratings
For 100 years, Fitch Ratings has been making the future a little more predictable through independent and prospective credit ratings, commentary and research. Our global expertise draws on local market knowledge and spans the fixed-income universe. The additional context, perspective and insights we provide have helped the world’s investors fund a century of growth.
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Indian Energy Exchange, India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
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