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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, 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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- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- The University of Queensland
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Economic Council, Georgia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
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