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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
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