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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, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
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- Electricity Authority, New Zealand
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- PTC India Limited - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Economic Council, Georgia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- The University of Queensland
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Australian Coal Association
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
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