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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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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
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