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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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- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- The University of Queensland
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- London Commodity Brokers - England
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