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Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
 Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit profiles of Fitch-rated mining firms, which export most of their production, says Fitch Ratings. In any case, our ratings are based on average benchmark price forecasts that are broadly in line with the cap of USD70/tonne imposed until end-2019, and so will not be affected.
The price cap, announced last week and set to apply from mid-March, is part of the government’s strategy to ensure low prices for electricity consumers as it looks to support industrial competitiveness and household disposable incomes. It froze electricity prices charged to industrial consumers earlier in the year, preventing Perusahaan Listrik Negara (PLN), the state-owned monopoly distributor, from passing on rising costs as coal prices were pushed up by an unusually cold Chinese winter. The Indonesian coal price benchmark, Harga Batubara Acuan (HBA), has exceeded USD95/tonne since January 2018, which might have necessitated an increase in government subsidies to PLN if the price cap had not been imposed.
The new regulations will mean coal miners miss out on some of the short-term upside from high prevailing coal prices, to the extent that they sell production to the domestic market. The government sets domestic market obligations for miners to ensure they meet local demand, which prevents them from simply diverting output toward the overseas market.
That said, only around one-fifth of Indonesia’s 461 million tonnes of coal production was sold in the domestic market in 2017, which suggests any loss of revenue will be limited. Indika would be the most affected among our rated coal miners, as around 15% of its volumes are sold to the domestic power sector. GEO Energy, Golden Energy Resources, ABM Investama and PT Toba Bara sell less than 10% of volumes to the domestic power sector. Domestic market obligations are likely to increase over the medium term, as the government looks to contain production and conserve coal resources for local power needs, but a sharp rise next year is unlikely.
Coal firms will therefore continue to receive the market price for the majority of their production. As a result, their financial performance might still exceed our expectations at the start of the year, when we had forecast an average Newcastle benchmark (6000 kcal) price of USD72/tonne in 2018 and USD67/tonne in 2019. The HBA on which the regulations are based broadly reflect Newcastle prices.
The new price regime does not include a floor on prices, and so provides no benefit to the mining firms in the event of a downturn. Prices will continue to fluctuate as before if the market price drops below USD70/tonne.
The price ceiling is unlikely to have any meaningful impact on PLN’s standalone credit profile. We would have expected the government to compensate PLN for losses through subsidies if high coal prices and fixed electricity prices had caused under recoveries. PLN’s IDR of ‘BBB’ is equalised with the sovereign rating due to its very strong government linkages.
Source: Fitch Ratings
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Thursday, 15 March 18
BHEL COMMISSIONS 600 MW THERMAL POWER PLANT FOR APGENCO IN ANDHRA PRADESH
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in the state of Andhra Pradesh.
...
Thursday, 15 March 18
SUEK GROUP SECURES $1.055BN 5-YEAR SYNDICATED PRE-EXPORT FINANCE FACILITY
SUEK Group signed a $1.055bn syndicated pre-export loan agreement. The facility with five years duration is secured against the Group’s expor ...
Wednesday, 14 March 18
COAL PRICES UP SAYS MINERALS COUNCIL - IAN KIRKWOOD,THE HERALD
NSW thermal coal exports were at near-record levels last year but prices were up, the Minerals Council of NSW has said after appraising annual stat ...
Wednesday, 14 March 18
NEW COAL PRICE FORMULA DOESN'T APPLY RETROACTIVELY: OFFICIAL - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry has decided to change the implementation period of the new discounted price formula for coal sold to the ...
Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
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- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Planning Commission, India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- London Commodity Brokers - England
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