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Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
 Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but involve relatively small steps or lack specifics to support a meaningful improvement in the short-term. There are entrenched structural issues affecting the performance of the power sector of India and the solution would require a sustained and disciplined policy focus.
Fitch Ratings further said in its latest report that, the Indian budget for FY15, the finance minister announced several measures for the power sector. These include an extension of the tax holiday for power projects to March 2017 from March 2015, which we consider to be positive for investment activity. The budget also called for the provision of adequate quantity of coal to power plants commissioned by March 2015. However, the budget lacked very specific measures detailing how this will be achieved.
Fitch believes that it will not be possible to raise the production of coal significantly within a year. Aside from inadequate domestic production, infrastructure bottlenecks such as rail infrastructure also continue to act as a constraint to ensuring adequate coal supplies to power plants. Among the announced measures is the rationalisation of coal linkages to reduce transportation costs of coal; while this is a good measure, we believe such a reallocation of coal resources would have operational issues and can take some time to achieve.
Domestic coal production is much lower than the requirements of the power sector, and hence we think the coal shortage at various power plants will continue. India's total coal based power capacity at April 2014 was around 140 gigawatts (GW). This is expected to increase by around 15GW per year, which would require an additional 60 million tonnes of coal. There needs to be a sustained and long term plan in order to consistently increase domestic coal production.
The new administration has intensified pressure on Coal India Limited to improve its coal delivery. At the same time, the agency understands the government may revive coal pooling (i.e. pooled prices by combining both domestic and imported coal) as the country will have to import higher quantities of coal to support demand given that domestic production may be slow to ramp-up.
India also has around 20GW of gas based power plants which are severely affected due to the low availability of domestic gas. The budget also focuses on the renewable sector - most notably solar - for which there is an allocation of INR10bn for setting up solar plants in a few states and solar power driven agricultural pump sets.
The entire ecosystem of the power sector - from generation to distribution - needs to be strengthened. The financial health of the various state utilities needs to be improved through tariff rationalization and by addressing transmission and distribution losses.
About Fitch Ratings
For 100 years, Fitch Ratings has been making the future a little more predictable through independent and prospective credit ratings, commentary and research. Our global expertise draws on local market knowledge and spans the fixed-income universe. The additional context, perspective and insights we provide have helped the world’s investors fund a century of growth.
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Monday, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
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- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Planning Commission, India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Australian Coal Association
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
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