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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, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 04 September 14
PUNJAB STATE POWER CORPORATION LIMITED OF INDIA HAS DECIDED TO BUY IMPORTED COAL - HINDUSTAN TIMES
COALspot.com: The Punjab State Power Corporation Limited (PSPCL) has decided to buy imported coal to run its thermal plants, as reported by Hindust ...
Thursday, 04 September 14
INDONESIAN COAL MINERS MAY GET MORE TIME ON ROYALTIES - FITCH RATINGS
COALspot.com: Fitch Ratings says that coal miners in Indonesia are likely to get more time to repay the government the royalties that were set off ...
Thursday, 04 September 14
INDONESIAN COAL SWAPS SLIDE THIS PAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.90 (-1.68%) day on day and US$ 1.80 (-3.31%) per mt week on week. The ...
Thursday, 04 September 14
CAPESIZE : SENTIMENT REMAINS POSITIVE FOR Q3/Q4 - FEARNRESEARCH
Handy
The Atlantic market has experienced more activity this week. Rates for TA´s are up about 8% w-o-w, much lead by an increasing number ...
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- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Parliament of New Zealand
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
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