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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, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
Sunday, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
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- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
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