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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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Thursday, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
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- The Treasury - Australian Government
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- The University of Queensland
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
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