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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, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
Monday, 11 August 14
SGX CFR SOUTH CHINA COAL SWAPS DIRECTION HEADING TO NORTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.50 (+0.74%) day on day and US$ 1.55 (+2.33%)&nbs ...
Monday, 11 August 14
A TALE OF TWO TRADES - EVA TZIMA
COALspot.com: It has without a doubt been “a cruel, cruel summer” for the Dry Bulk market so far and with second hand values still stan ...
Sunday, 10 August 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com: This week the BDI and other segments saw some improvements. The BDI increased by 3.46 pct week on week and closed at 777 points.
...
Friday, 08 August 14
MINING DISPUTE IS CRIPPLING LOCAL ECONOMIES IN EASTERN INDONESIA - JG
- By Iwan Harsono -
It seems as if there’s no end in sight to the series of negotiations between the government and mining companies about ...
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- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Parliament of New Zealand
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Australian Coal Association
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
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