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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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Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
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- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
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