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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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Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
Sunday, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
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- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
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