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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, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
Wednesday, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
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- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
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