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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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Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
Sunday, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
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- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
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