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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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Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
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- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Posco Energy - South Korea
- Economic Council, Georgia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
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