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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, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
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- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- The University of Queensland
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- PTC India Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
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