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