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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
If you believe an article violates your rights or the rights of others, please contact us.
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Monday, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was sl ...
Tuesday, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
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- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
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