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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, 21 June 18
CHINESE REDUCED COAL IMPORT RESTRICTIONS - CAIXIN GLOBAL
Caixin Global reported that the Chinese government has reduced restrictions on coal imports at the nation’s major ports in response to concer ...
Thursday, 21 June 18
INDIAN GOVERNMENT ADMITS COAL SHORTAGE, ASKS DISCOMS TO IMPORT - TIMES OF INDIA
Times of India reported that the power ministry has advised all state governments and private power distribution companies to import coal as Coal I ...
Tuesday, 19 June 18
WCA RESPONDS TO BP STATISTICAL REVIEW OF WORLD ENERGY 2018
Responding to BP’s Statistical Review of World Energy 2018, Benjamin Sporton, Chief Executive of the World Coal Association (WCA) said, &ldqu ...
Wednesday, 13 June 18
U.S. COAL PRODUCTION TO DECLINE BY 2% TO 756 MILLION SHORT TONS MMST IN 2018 - EIA
EIA forecasts U.S. coal production to decline by 2% to 756 million short tons (MMst) in 2018.
According to EIA's Short-Term Ener ...
Wednesday, 13 June 18
SHIPPING MARKET INSIGHT - SOPHIE COTZIAS
2018 marks quite a few milestones for Greek Shipping. No need to detail again the greatness of Greek Shipping or the singular position that Greek s ...
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- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- Parliament of New Zealand
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
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