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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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Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
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- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Parliament of New Zealand
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