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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, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
Monday, 11 August 14
SGX CFR SOUTH CHINA COAL SWAPS DIRECTION HEADING TO NORTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.50 (+0.74%) day on day and US$ 1.55 (+2.33%)&nbs ...
Monday, 11 August 14
A TALE OF TWO TRADES - EVA TZIMA
COALspot.com: It has without a doubt been “a cruel, cruel summer” for the Dry Bulk market so far and with second hand values still stan ...
Sunday, 10 August 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com: This week the BDI and other segments saw some improvements. The BDI increased by 3.46 pct week on week and closed at 777 points.
...
Friday, 08 August 14
MINING DISPUTE IS CRIPPLING LOCAL ECONOMIES IN EASTERN INDONESIA - JG
- By Iwan Harsono -
It seems as if there’s no end in sight to the series of negotiations between the government and mining companies about ...
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- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
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