October 30, 2008
GLOUCESTER Coal says the outlook for its coal business remains sound, despite the global financial crisis.
Chairman Andy Hogendijk also told shareholders at the company's annual general meeting that Gloucester was looking forward to another record profit this year.
"Looking forward, and notwithstanding some shorter-term issues associated with the current global financial situation, we believe the fundamentals for our coal business remain very sound," he said.
"Our quality coking coal with high fluidity will continue to be in strong demand by steel producers."
Gloucester shares jumped 13.65 per cent, or 49c, to close at $4.08.
Mr Hogendijk said the industrialisation of China and India over the next 10 to 20 years would continue to drive demand for coking coal.
"Thermal coal, too, looks to be a positive story as new coal-fired power stations are being built."
The company had locked in contract prices for the bulk of its coking and thermal business at prices over $130 a tonne. "We expect to report a record profit for the year," he said.
In August, Gloucester Coal reported a 2007-08 net profit of $23.44 million, a rise of 30 per cent on the previous year.
Wednesday, October 29, 2008
Tuesday, October 28, 2008
Indian thermal plants to import 15 mln T coal
Fri Oct 24, 2008
NEW DELHI, Oct 24 (Reuters) - Coal-starved Indian power utilities have been asked to expedite imports of about 15 million tonnes of coal in the six months to March, the power minister said on Friday.
Thermal power plants had a total of 4.9 million tonnes of coal in stock on Oct 19, against a requirement of 22 million tonnes, Sushil Kumar Shinde told parliament. On April 1, they had stocks of 11.04 million tonnes.
He said more than two-thirds of India's thermal power plants had less than a week's supply of coal. Coal-fired thermal plants account for two-third of India's power generation capacity of 145.6 gigawatts, which lagged demand in Asia's third largest economy by 16 percent in July.
Shinde said out of 77 thermal power plants monitored, 55 had less than seven days of coal stocks while 35 had stocks for less than four days.
India has allowed utilities to import 20 million tonnes of coal in the fiscal year to March 2009. Between April and September, imports were just 5.4 million tonnes.
"The utilities have been exhorted to expedite their imports," Shinde said.
State-run NTPC Ltd (NTPC.BO: Quote, Profile, Research, Stock Buzz), India's biggest power producer which had to shut down two units for 14 days due to coal shortages, has been allowed to import 8.25 million tonnes of coal, junior power minister Jairam Ramesh said.
It has only imported 0.8 million tonnes between April and September, he said.
NEW DELHI, Oct 24 (Reuters) - Coal-starved Indian power utilities have been asked to expedite imports of about 15 million tonnes of coal in the six months to March, the power minister said on Friday.
Thermal power plants had a total of 4.9 million tonnes of coal in stock on Oct 19, against a requirement of 22 million tonnes, Sushil Kumar Shinde told parliament. On April 1, they had stocks of 11.04 million tonnes.
He said more than two-thirds of India's thermal power plants had less than a week's supply of coal. Coal-fired thermal plants account for two-third of India's power generation capacity of 145.6 gigawatts, which lagged demand in Asia's third largest economy by 16 percent in July.
Shinde said out of 77 thermal power plants monitored, 55 had less than seven days of coal stocks while 35 had stocks for less than four days.
India has allowed utilities to import 20 million tonnes of coal in the fiscal year to March 2009. Between April and September, imports were just 5.4 million tonnes.
"The utilities have been exhorted to expedite their imports," Shinde said.
State-run NTPC Ltd (NTPC.BO: Quote, Profile, Research, Stock Buzz), India's biggest power producer which had to shut down two units for 14 days due to coal shortages, has been allowed to import 8.25 million tonnes of coal, junior power minister Jairam Ramesh said.
It has only imported 0.8 million tonnes between April and September, he said.
India Shopping for Coal Mines in Appalachia
October 23, 2008
As Clifford Krauss pointed out last spring, the United States, in response to increasing global demand, has become a major exporter of coal for the first time in years, forcing domestic buyers to compete with others from countries like Germany and Japan.
Now it appears that India — a giant in coal production itself — is doing some window-shopping of its own in American mine towns, not just to secure exports, but to invest.
(And all this at a time when the globe is ostensibly embracing a migration away from fossil fuels and the reduction of C02 emissions.)
Following up on a tidbit published in India's Business Standard last week, our New Delhi bureau chief, Somini Sengupta, confirms today that Santosh Bagrodia, India's coal minister, and Partha Sarathi Bhattacharyya, the chairman of Coal India, were on a shopping trip in the Appalachians last week.
Ms. Sengupta wrote in an e-mail message:
"[The] Coal India chairman says he has $4 billion to play with, but that finalizing a deal will take a while. India imports 50 million tons of coal a year, which is expected to sharply rise as demand for power generation and steel and cement industry grows. "If we are to meet a part of this gap we would look at something better than imports," the Coal India chairman said. "If we want to make foreign coal available in the country it should be through acquisitions."
As a percentage of total production, foreign direct investment in coal production in the United States dropped precipitously in 2004, from 21 percent to 14 percent, when RAG (Germany), RWE (Germany), and Itochu (Japan) sold their interests, according to data released earlier this year by the Energy Information Administration.
The largest remaining foreign companies active in coal production in the United States, according to the E.I.A., are Rio Tinto and BHP Billiton (Australia) and Scottish Power.
Coal India, a state-run enterprise and the largest producer in India, began signaling its interest in investing in foreign energy sources as far back as June.
The Indian contingent visiting the United States, according to Ms. Sengupta, suggested it's a buyer's market.
As Clifford Krauss pointed out last spring, the United States, in response to increasing global demand, has become a major exporter of coal for the first time in years, forcing domestic buyers to compete with others from countries like Germany and Japan.
Now it appears that India — a giant in coal production itself — is doing some window-shopping of its own in American mine towns, not just to secure exports, but to invest.
(And all this at a time when the globe is ostensibly embracing a migration away from fossil fuels and the reduction of C02 emissions.)
Following up on a tidbit published in India's Business Standard last week, our New Delhi bureau chief, Somini Sengupta, confirms today that Santosh Bagrodia, India's coal minister, and Partha Sarathi Bhattacharyya, the chairman of Coal India, were on a shopping trip in the Appalachians last week.
Ms. Sengupta wrote in an e-mail message:
"[The] Coal India chairman says he has $4 billion to play with, but that finalizing a deal will take a while. India imports 50 million tons of coal a year, which is expected to sharply rise as demand for power generation and steel and cement industry grows. "If we are to meet a part of this gap we would look at something better than imports," the Coal India chairman said. "If we want to make foreign coal available in the country it should be through acquisitions."
As a percentage of total production, foreign direct investment in coal production in the United States dropped precipitously in 2004, from 21 percent to 14 percent, when RAG (Germany), RWE (Germany), and Itochu (Japan) sold their interests, according to data released earlier this year by the Energy Information Administration.
The largest remaining foreign companies active in coal production in the United States, according to the E.I.A., are Rio Tinto and BHP Billiton (Australia) and Scottish Power.
Coal India, a state-run enterprise and the largest producer in India, began signaling its interest in investing in foreign energy sources as far back as June.
The Indian contingent visiting the United States, according to Ms. Sengupta, suggested it's a buyer's market.
China's Huaneng expects coal prices to stay high
Wed Oct 22, 2008
HONG KONG, Oct 22 (Reuters) - Huaneng Power International (0902.HK: Quote, Profile, Research, Stock Buzz), China's top listed electricity power supplier, said on Wednesday it needs another huge power tariff hike to offset soaring coal costs, as it expects prices to remain high in 2009.
Executives told analysts on a conference call that the firm needs another 0.27 yuan ($0.04) per kilowatt-hour of tariff increases this year to maintain its profit level of 2007, but did not say if they were referring to actual profit or growth.
Beijing-based Huaneng (HNP.N: Quote, Profile, Research, Stock Buzz) (600011.SS: Quote, Profile, Research, Stock Buzz) aims to contain unit fuel cost growth at 50 percent this year, much higher that an original target of 18 percent set at the begining of 2008.
Huaneng posted a loss of 2.16 billion yuan ($316 million) in the three months ended September, versus a profit of 1.5 billion yuan a year ago, and expects a record loss for the whole of 2008 as soaring coal prices swallowed up the impact of two power tariff hikes. ($1=6.837 Yuan) (Reporting by Judy Hua).
HONG KONG, Oct 22 (Reuters) - Huaneng Power International (0902.HK: Quote, Profile, Research, Stock Buzz), China's top listed electricity power supplier, said on Wednesday it needs another huge power tariff hike to offset soaring coal costs, as it expects prices to remain high in 2009.
Executives told analysts on a conference call that the firm needs another 0.27 yuan ($0.04) per kilowatt-hour of tariff increases this year to maintain its profit level of 2007, but did not say if they were referring to actual profit or growth.
Beijing-based Huaneng (HNP.N: Quote, Profile, Research, Stock Buzz) (600011.SS: Quote, Profile, Research, Stock Buzz) aims to contain unit fuel cost growth at 50 percent this year, much higher that an original target of 18 percent set at the begining of 2008.
Huaneng posted a loss of 2.16 billion yuan ($316 million) in the three months ended September, versus a profit of 1.5 billion yuan a year ago, and expects a record loss for the whole of 2008 as soaring coal prices swallowed up the impact of two power tariff hikes. ($1=6.837 Yuan) (Reporting by Judy Hua).
Coal shortage ails thermal project
SURI, Oct. 21
The power production of Bakreswar Thermal Power Project (BkTPP) may be adversely affected in the next couple of days because of the fall in the supply of coal from two companies ~ Eastern Coalfield Ltd (ECL) and Bengal Emta. The authorities have already informed the higher authorities of the imminent problem.
Due to shortage of coal supply, power production has gone down drastically in the last two days. On an average, a minimum loss of 200 MW of power has been recorded daily in the four units of BkTPP.
"We need 11,000 MT of coal supply every day for the four units, which has gone down by 5,000 MT now. Because of the shortage of coal supply, production of power has been very badly affected. We usually produce 830 MW of power everyday, but now it has been reduced by 200 MW in just two days. We are afraid that the total production at the thermal power project may be shut down anytime," said Mr DP RoyChoudhury, general manager of BkTPP. Since last few days, ECL has nearly stopped their coal supply which has affected the three units of the project.
The BkTPP authorities and the Power Development Corporation Ltd (PDCL) are apprehend that if this continues all the units would have to be shut down.
The power production of Bakreswar Thermal Power Project (BkTPP) may be adversely affected in the next couple of days because of the fall in the supply of coal from two companies ~ Eastern Coalfield Ltd (ECL) and Bengal Emta. The authorities have already informed the higher authorities of the imminent problem.
Due to shortage of coal supply, power production has gone down drastically in the last two days. On an average, a minimum loss of 200 MW of power has been recorded daily in the four units of BkTPP.
"We need 11,000 MT of coal supply every day for the four units, which has gone down by 5,000 MT now. Because of the shortage of coal supply, production of power has been very badly affected. We usually produce 830 MW of power everyday, but now it has been reduced by 200 MW in just two days. We are afraid that the total production at the thermal power project may be shut down anytime," said Mr DP RoyChoudhury, general manager of BkTPP. Since last few days, ECL has nearly stopped their coal supply which has affected the three units of the project.
The BkTPP authorities and the Power Development Corporation Ltd (PDCL) are apprehend that if this continues all the units would have to be shut down.
China sees more than 50% decline in coal exports in September
2008-10-18
China's coal exports have kept declining since the beginning of the second half of this year, partly as a result of limits in export quotas.
According to latest customs data, China sold abroad 2.08 million tonnes of coal in September, down 53.6 percent from the 4.48 million tonnes in the same month of last year.
After the coal exports hit 6.99 million tonnes in June, the highest within the year, the foreign sales began to fall in July and continued the downward trend in August and September.
Industry observers said the foreign sales were limited by absence of second-batch quota.
In the first half of this year, China set the first-batch quota at 31.8 million tonnes, or 60 percent of its total coal exports for whole of last year. But it declined to release the quota for the second half year as an effort to ensure domestic supplies.
Huang Teng, a coal trade analyst, said on Saturday that the new export quota would likely be issued within this month, so that exporters would be able to fulfill their contracts with importers from Japan and the Republic of Korea.
In the first three quarters, the coal exports stood at 35.72 million tonnes, down 6.1 percent from a year earlier, according to the General Administration of Customs. But the export value increased by 65.1 percent to 3.78 billion U.S. dollars.
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