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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, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
Friday, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
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- Eastern Coal Council - USA
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
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