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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, 30 March 18
SHIPPING INDUSTRY CONFIDENCE HITS FOUR-YEAR HIGH - MOORE STEPHENS
Shipping Confidence Survey
In February 2018, the average confidence level expressed by respondents was up from 6.2 in November 2017 t ...
Friday, 30 March 18
EXPLAINING POLAND'S COAL PARADOX - FORBES
In the U.S. coal is succumbing to market forces despite the Trump Administration’s push to support the industry. Abundant, cheap and cleaner ...
Friday, 30 March 18
THIESS SECURES $140M MT OWEN INCREASE
Thiess has secured a A$140 million increase to its contract with Glencore for coal mining services at Mt Owen in the Hunter Valley, Australia. Mt O ...
Wednesday, 28 March 18
THIESS WINS $280M WAHANA EXTENSION
Thiess has been awarded a three-year $280 million contract extension at the Wahana coal mine in South Kalimantan, Indonesia.
According to Thie ...
Wednesday, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
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- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Star Paper Mills Limited - India
- Planning Commission, India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- The University of Queensland
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
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