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Friday, 04 September 20
IN A DEEPENING DEBT HOLE OF $34 BILLION, INDONESIA’S PLN MUST STOP DIGGING - IEEFA
 The utility has added IDR100 trillion in debt annually for the last five years
Utilities globally started changing the way they do business years ago, but Indonesia’s PLN power company stands out as a laggard, focused on a confused menu of piecemeal generation options rather than holistic planning that provides system-level solutions, finds a new report from IEEFA, the Institute for Energy Economics and Financial Analysis.
PLN, alongside utilities worldwide, has suffered a severe drop in revenue as power consumption fell by as much as 20% in some cases amid the COVID-19 pandemic, writes Elrika Hamdi, author of the report Never Waste a Crisis – Indonesia’s PLN Needs A Coherent Strategy to Ride Out the COVID-19 Pandemic.
“But the roots of PLN’s problems are deeper than just the pandemic: PLN’s quiet crisis reflects dysfunctional planning and governance that have put the company into strategic paralysis, unable to change direction or adapt to new market realities,” says Hamdi.
“Despite all the warning signs, senior managers still run the power sector with an old-fashioned business-as-usual mindset. Unfortunately, a 2010 playbook will not save PLN from falling deeper into a modern-day debt trap. Neither will indulging an extractive economy mindset that fosters dependence on fossil fuel, just because it’s there”.
“There has to be a willingness to ask the hard questions when PLN’s ocean of red ink proclaims that PLN’s resource-driven development plans are obsolete in a high-technology world.”
The report notes that much of PLN’s current predicament stems from a plan to add a massive 35 gigawatts of generation capacity to Indonesia’s power supply that was poorly designed and implemented.
“The 35 GW program is a political promise that was meant to embody President Joko Widodo’s (Jokowi’s) ambition to fully electrify Indonesia. There is nothing wrong with the ambition, but the subsequent planning and execution has lacked accountability,” says Hamdi.
“Adding generation capacity has become a goal with little attention paid to long-term financial impacts or new system design options. In the absence of much-needed checks and balances, PLN has been driven to the brink and taxpayers will be left to pay the price.”
“PLN’s ability to sustain debt at this level rests firmly on Indonesia’s investment-grade sovereign credit rating and the government’s readiness to support PLN debtors in the event of financial distress,” says Hamdi, noting that PLN bonds are still relatively attractive to investors because of the company’s monopoly and its quasi-sovereign status.
The author also questions the accountability of government support for PLN. Noting both direct and indirect supports, including subsidies, compensation, capital injections, special accounting treatments and government guarantees, Hamdi says there appears to be little consistent oversight of how government support is used to dress up PLN’s accounting.
“The Ministry of Finance, considering PLN’s strategic importance, makes PLN a top priority, but that does not mean PLN’s financial problems can be effectively addressed by endless access to cheap debt that could eventually threaten Indonesia’s financial credibility,” she concludes.
“The best strategy for PLN would be to rebase their planning framework to focus on more cost-effective grid investments that improve the long-run efficiency of the whole power system. Private sector players cannot invest in the grid and have therefore crowded into the generation sector. This has accentuated PLN’s narrow focus on baseload generation has resulted in excess capacity and a brittle system that lacks flexibility. What’s needed now is a more grid-centric strategy that would permit PLN’s investment to enable a more efficient system. It is crucial for PLN to make sure that the power sector reform is not just cosmetic.”
About IEEFA
The Institute for Energy Economics and Financial Analysis (IEEFA) conducts global research and analyses on financial and economic issues related to energy and the environment. The Institute’s mission is to accelerate the transition to a diverse, sustainable, and profitable energy economy.
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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
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