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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, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
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- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
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