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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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Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
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- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
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