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Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
 India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise in electricity demand and an increase in short-term prices.
According to a post published on Ind-Ra's website, the stable-to-negative outlook continues to reflect Ind-Ra’s expectation of a continued low plant load factor of 60.0%-62.0% of coal-based thermal power plants over the rest of FY19, because of large capacity additions in the past five years and domestic coal availability challenges. Ind-Ra expects India’s dependence on thermal power generation to remain high in the absence of any substantial improvement in power generation from other sources.
The agency has maintained a Stable Outlook on most of its rated power sector entities for the rest of FY19, as the agency expects the entities to continue to manage fuel and counterparty risks on account of a favourable tariff mechanism, a comfortable liquidity position and support from central and state governments.
Ind-Ra expects the dependence on coal-based power generation to continue despite a likely increase in capacity addition in the renewable segment, as capacity addition is low on an equivalent thermal basis owing to the low plant load factor in the renewable segment.
Given Ind-Ra’s expectation of healthy power demand growth in the rest of FY19 and thermal power capacity contributing to the required growth, coal availability becomes a key determinant for required power demand growth. Considering the historical growth rate of domestic non-coking coal production and offtake, Ind-Ra estimates imported coal requirement to increase to 62.0 million tonnes in FY19 from 56.0 million tonnes in FY18 to meet incremental power generation. Hence, there could be higher imported coal usage in FY19 than that in FY16-FY18, when imported coal usage declined. According to Ind-Ra, in a scenario of lower-than-required growth in domestic coal output, short-term power prices would remain firm and are likely to be determined by the marginal cost of energy production undertaken using imported coal.
Ind-Ra estimates project internal rate of returns to decline to a single-digit level in view of the recent aggressive bidding for wind power projects. Ind-Ra believes a high un-hedged forex exposure from the depreciating Indian rupee further lowers projects’ internal rate of returns. Moreover, access to the banking system may tighten, in case bidding continues to remain aggressive.
Solicitation Disclosures
Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer. Please also refer Ind-Ra’s Disclaimer
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Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
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- Vedanta Resources Plc - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
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