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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Australian Coal Association
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- The University of Queensland
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
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