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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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Friday, 06 July 18
HOW FLEET SIZE, CORPORATE PROFILE AND STRATEGY ARE DECIDING FACTORS IN SELECTING AN APPROPRIATE FINANCING STRATEGY - PWC
KNOWLEDGE TO ELEVATE
The challenges that shipping companies are facing when selecting an appropriate financing strategy during the current per ...
Friday, 06 July 18
INDIA: GOVT TO RELAX CURBS ON INDIAN FIRMS CHARTERING FOREIGN SHIPS - HINDU BUSINESS LINE
The Ministry of Shipping is clearly in reform mode. On the heels of the recent relaxation of the cabotage law, which allows foreign flag vessels to ...
Friday, 06 July 18
AUSTRALIAN NEWCASTLE SPOT COAL PRICES HIT $120 FOR 1ST TIME SINCE 2012 - REUTERS
Australian thermal coal prices have broken through $120 per tonne for the first time since 2012, driven up by strong consumption in Asia and spot m ...
Thursday, 05 July 18
WHAT THE FAILED GLENCORE-TOHOKU COAL TALKS MEAN FOR THE MARKET - REUTERS
Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan’s Tohoku Elec ...
Thursday, 05 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
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- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Planning Commission, India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
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