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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, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
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- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- The University of Queensland
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Parliament of New Zealand
- ASAPP Information Group - India
- Central Electricity Authority - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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