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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- The University of Queensland
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Australian Coal Association
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
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