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Friday, 03 August 12
INDIA - LIGHTS OUT! - SALVA
 The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across northern India, including Delhi. The following day, the lights went out again, but this time over 600 million people in 20 of India’s 28 states were affected, with the outages covering range of 3000 kilometers in the northern and eastern regions. The authorities’ response has ranged from blaming states for overdrawing from the grid, to appointing a committee to inquire into the causes of the blackout. However, these latest outages are merely symptomatic of much larger problems in India’s power sector, which has been short of power for years.
In Salva’s view, the problem does not lie within the generation sector – but with its upstream (coal supply and transportation) and downstream (transmission and distribution) counterparts. Since the generation sector was deregulated in FY03-04 to enable private participation, installed generation capacity has almost doubled, growing by 92GW or 85%, at a CAGR of 10.8%. The vast majority of this new capacity is coal-fired, which added another 18GW of new capacity in FY11-12 and a further 4.2GW in Q1’12.
However, this new power generation capacity is not being fully utilised, with plant load factors for coal declining from 79.2% in H1’11 to 75.8% in H1’12 and 72% most recently in June. Over 4.3TWh of coal-fired generation was lost in June alone due to low coal supply with a further 1.4TWh lost because of transmission constraints and unplanned outages. Given these figures, clearly thermal coal supply remains a problem. While domestic coal production has increased in 2012, it has languished in recent years, growing at around 1% (5Mt) between 2008-11, which pales in comparison against annual coal-fired power capacity growth of over 10%. Even when production is strong, which it has been in early 2012 (by Indian standards), transportation of coal remains highly problematic. Indian Railways has not been able to procure wagons in time to boost availability sufficiently. This has resulted in coal shortages at power plants and growth in coal mine stockpiles. Transport capacity remains severely constrained as capacity addition has languished at the altar of populism. Passenger traffic shares the same infrastructure as freight, causing freight such as coal to be given a lower priority.
The Electricity Act of 2003 freed up the generation sector, but the same reforms haven’t yet percolated to the transmission and distribution sectors, which are suffering from the same bottlenecks that existed prior to 2003. Transmission capacity is not being developed at the same pace as generation capacity, while distribution reforms remain a pipe dream. As domestic coal production has not kept pace with demand, power producers have used much costlier imported coal to generate electricity. However, India’s tariff framework is still lagging behind, so the State Electricity Boards require ever increasing financial support from state owned banks and financial institutions. Tariff reform is an immediate requirement. Only that will facilitate the sector’s much needed investment.
What are the implications if this is not done now?
Indian cities are accustomed to power cuts. However, increasing prosperity has increased electricity demand and, coupled with the weak monsoon this year, has caused power demand to spike. Agricultural states like Uttar Pradesh, Haryana and Punjab have increasingly overdrawn power from the grids to feed the agricultural sector (which ironically is not metered as power is free for farmers) and to meet residential demand. The agricultural sector is still dependent upon the monsoon as the irrigation network is not widespread, and the weak monsoon has resulted in farmers pumping groundwater onto their fields. Generally electricity demand is low during the monsoon months (June-September) as the rains reduce temperatures. However, the rains have been weak and hence residential power demand has remained strong. This has been further exacerbated with the additional demand from the agricultural sector. State power distribution companies have not planned in advance to buy additional electricity and have overdrawn power from the grid without additional generation being supplied. This has destabilised the grid and caused it to fail.
The impact of the electricity shortages have been felt by the public at large, with a few incidents of people protesting on the road. However, it hasn’t erupted into widespread unrest - thankfully.
The implications of not carrying out reforms in the transmission and distribution sector are now apparent. Lack of adequate investment in the transmission sector will hobble the impressive generation capacity that has been developed. Lack of commercial reforms in the power distribution sector will not provide the returns or even cover the basic cost of generation. The power sector is already sick and if reforms are not carried out with the seriousness required, India will suffer further setbacks.
Source: Salva
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Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
Sunday, 01 July 12
DSP OF SGX ASIACLEAR OTC COAL SWAP'S THIS WEEKS MOVEMENTS SLIGHTLY POSITIVE
COALspot.com - SGX AsiaClear OTC Coal Swaps have recovered slightly this week and Q4 deliveries are also showing positive direction.
SGX’s ...
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- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
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