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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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Wednesday, 06 August 14
CAPES: BUSINESS INTEREST REMAINS SOFT; CURRENTLY NO SIGNS OF IMPROVEMENT - INTERMODAL
COALspot.com: Despite the considerable pressure witnessed in the freight market for most of the size segments, the Dry Bulk Index was able to note ...
Wednesday, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest m ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
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- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- The University of Queensland
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
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