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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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Tuesday, 24 July 18
TANKER MARKET : IN TERMS OF TRADE, THE STEPS THAT WERE SLOWLY BEING TAKEN BY OPEC AND RUSSIA - GEORGE LAZARIDIS
Despite the fact that the tanker market still seems to be in the midst of a perfect storm, there are still strong indicators that better sailing da ...
Thursday, 19 July 18
VINACOMIN PRODUCES OVER 20 MLN TONNES OF RAW COAL FROM YEAR'S START - VNA
The Vietnam National Coal and Mineral Industries Group (Vinacomin) has produced over 20 million tonnes of raw coal and 19.3 million of clean coal f ...
Wednesday, 18 July 18
INDONESIA TO AUCTION 16 MINING SITES - JP
Indonesia will soon auction 16 mining sites as no proposal submissions have been submitted by state-owned enterprises (BUMN) and regional administr ...
Wednesday, 18 July 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
The new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been tr ...
Thursday, 12 July 18
SUPRAMAX: INDO/CHINA COAL RV IS BEING FIXED AROUND USD 10500 BSS SINGAPORE - FEARNLEYS
Capesize
Cape market continue to be extremely volatile says Fearnleys in its latst weekly report.
The further noted that, last week ended wi ...
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- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Videocon Industries ltd - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
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