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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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Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
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- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
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