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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, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
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- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Australian Coal Association
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
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