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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
If you believe an article violates your rights or the rights of others, please contact us.
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Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
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- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
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