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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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Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
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- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- The University of Queensland
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
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