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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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- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Australian Coal Association
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
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