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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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Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- MS Steel International - UAE
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
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