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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, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
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- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- The University of Queensland
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
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