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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, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
Thursday, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
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- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
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