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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- The University of Queensland
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
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