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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
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