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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, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
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- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Australian Coal Association
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- The University of Queensland
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
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