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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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Wednesday, 06 August 14
CAPES: BUSINESS INTEREST REMAINS SOFT; CURRENTLY NO SIGNS OF IMPROVEMENT - INTERMODAL
COALspot.com: Despite the considerable pressure witnessed in the freight market for most of the size segments, the Dry Bulk Index was able to note ...
Wednesday, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest m ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
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- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Australian Coal Association
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Planning Commission, India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
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