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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, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
Sunday, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
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- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Deloitte Consulting - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- VISA Power Limited - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
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