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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, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
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- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- White Energy Company Limited
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
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