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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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Sunday, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
Friday, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
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- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- The University of Queensland
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
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