Another Coal Billion Dollar Acquisition as India’s Adani Group acquires Australian Coal Port Abbot Point

3 May, 2011
China,Coal,Energy,Renewable Energy

Coal M&A is picking up at a feverish pace as the demand and price of coal shoot through the roof.Note Coal is the cheapest fossil fuel and powers most of the world’s power plants despite its disadvantages.The abundance and cheapness of coal has managed to hide its deleterious effects.Indian and Chinese companies are gobbling up coal mines and companies globally as they rush to secure raw material for the growing thermal power plant capacity.Adani Power is part of Adani Group with capacity of 1980MW.The company currently operates India’s only supercritical power plant  in Gujarat. The company is currently implementing 16500 MW at different stages of construction..The company is currently implementing thermal projects of 3300MW at Maharashtra and 1320MW  at Rajasthan.The Adani Group is one of the leading Indian private power companies setting up gigawatts of new thermal power plant capacity.Mundhra Port the Adani Flagship has been buying up coal plants,ports and building power plants to vertically integrate itself in the whole coal supply chain.It recently bought the Australian Linnc Energy’s Gaililee coal project for USD 2.7 billion.It has followed it up by buying  Abbot Point Coal Terminal from the Queensland state of Australia for 1.8 billion Australian dollars.

Arch Coal bought International Coal for $3.4 billion in one of the biggest M&A’s in America as bigger companies consolidate and smaller companies sell out at nosebleed valuations.However with coal prices expected to continue their rise upwards,the valuation may not prove to be too high for the buying companies.With this acquisition Mundra Port and Special Economic Zone will own 100 million tons of coal handling facilities both in Australia and India.Investing in Coal remains a hugely profitable proposition despite the major drawbacks of burning coal.KOL  is the only major Coal ETF listed in the US markets which provides a diversified way of investing in coal companies in US,China and other countries.Investing directly in companies in India,US,China,Indonesia is also possible though tough for small investors.

Arch 3rd largest US Coal Company Gobbles up International Coal for ~50% premium as M&A in Coal increases feverishly with Coal Demand,Prices – How to Play the Coal Theme (KOL)

2 May, 2011
Coal,Fossil Fuels

Coal  M&A has increased feverishly around the world with power companies,mining companies,energy companies looking to acquire Coal Assets as the prices of this fossil fuel have increased at an astounding rate.India and Chinese companies have been leading the charge acquiring coal mining companies and coal mines in places as far away as South Africa,Australia,Canada and Indonesia.Rio Tinto one of the 2 giant Mining Conglomerates has not been far behind acquiring Riverside Coal at a substantial premium.Despite the dirty nature of coal generated power and harmful effects on human health,coal usage is growing exponentially.China is by far the largest user of coal in the world consuming almost 3 billion tons annually.India is too joining the race as private utilities increase coal usage to power ultra mega power plants of 4000 MW capacity.Coal prices have reflected the fundamental increasing by more than 75% with prices of metallurgical coal increasing to $225 a ton.

Arch Coal and International Coal

Arch Coal is the 3rd largest Coal Company in the USA. During the year ended December 31, 2009, the Company sold approximately 126.1 million tons of coal and  operated 19 active mines at 11 mining complexes located in the United States.  On October 1, 2009, the Company acquired Rio Tinto’s Jacobs Ranch mine with 345 million tons of coal reserves and integrated it into the Black Thunder mine.International Coal on the other hand is a small producer with a market cap of $2.2 billion previously which has managed a nearly 50% premium.Market Cap of $2.2 Billion  is a producer of coal in Northern and Central Appalachia .As of December 31, 2009, the Company operated a total of 11 surface and 11 underground coal mines located in Kentucky, Maryland, Virginia, West Virginia and Illinois.The Company’s mines in Central Appalachia produced 10.1 million tons of coal in 2009, and the mines in Northern Appalachia produced 3.9 million tons of coal in 2009.

How to Play the Coal Theme

Investing in Coal has become a good idea despite the large increases in the price of coal companies and coal ETF KOL.Investing in Coal Companies in India and China is even a better idea as they are located close to the biggest Coal Customers and have low transportation costs.KOL gives exposure to both Chinese and American companies while for expsoure to Coal Companies in India direct investment in Indian stock markets are needed.Coal India Limited which is the world’s largest producer of Coal is still underpriced and despite production slowdown has massive pricing power leading to increased profits.

Arch Coal to Acquire International Coal for $3.4 Billion

Arch Coal Inc. agreed to buy International Coal Group Inc. for $14.60 a share in an all-cash transaction valued at $3.4 billion to become the second-largest U.S. metallurgical coal producer.Arch expects pro forma metallurgical sales to reach 11 million tons in 2011 and 14 million tons over the next three years from the combined operations, the St. Louis-based company said in a statement. International Coal is based in Scott Depot, West Virginia.The sale gives Arch assets in every major domestic coal basin, the company said. Arch’s reserve base will increase 25 percent to 5.5 billion tons. Arch has dedicated throughput rights at an East Coast export terminal and access to shipping terminal on the Gulf Coast and West Coast.

List of Oil & Gas Companies in India – Growing Rapidly despite Bankrupt Energy Policy

22 Apr, 2011
Energy,Gas,Oil,PSU
Oil and Gas

BPCL Refinery

India’s Oil and Gas Industry has an interesting mix of Oil & Gas companies from the government and private sector.Except for some companies providing ancillary and drilling services,most of the companies are huge with billion dollar balance sheet and huge operations as is the case with the Oil and Gas Industry worldwide.Except for Reliance Industries,the upstream sector of oil and gas production and distribution is dominated by government owned companies which are heavily regulated.Despite attempts at liberalizing the APMC and the operations of the PSU Oil Companies,HPCL,BPCL and IOC run billions of  dollars in losses as they are forced to sell oil and gas products at below their cost.The government’s policies are mostly ad-hoc compensating these companies through bonds and money transfers.It is quite strange as the minority investors are forced to pay for government subsidies for energy.India’s Oil Subsidies has led to the flourishing of a massive Oil Mafia which does not think twice before killing government officials and has led to poor outcomes for the country.Despite this government stupidity,some government companies like GAIL,OIL India and ONGC which operates in the production and have to bear less of the subsidy burden have grown and performed admirably.In the private sector companies like Reliance,Aban,Great Offshore,Essar have managed to grow rapidly as well with varying degrees of success.Here is the list of the major Oil and Gas Companies in India.

  1. Reliance  Industries - The Flagship Company of the Ambanis and India’s largest Private Company Reliance Industries is also an Oil and Gas Giant .The Company has seen very sharp growth in the last decade and is diversifying into Retail.With a market cap exceeding $30 billion it is India’s most valued company.The company is also one of the biggest exporters in India with one of the largest petrochemical and oil refining complexes in the world at Jamnager.It recently sold a stake in its valuable Godavari Basin to BP for a whopping $7.5 billion.Extremely cash rich with a horde of more than $15 billion,it has started on empire building through ventures in Finance ( DE Shaw) ,Communications (buying of wirelss broadband spectrum),Shale Gas Buys in the USA,Hospitality (Buying up stakes in Hotel Companies).
  2. ONGC Corp – With a market cap of Rs. 235,000 crores ONGC ranks 3rd in Oil & Gas Exploration & Production (E&P) Industry globally .It cumulatively produced 803 Million Metric Tonnes of crude and 485 Billion Cubic Meters of Natural Gas from 111 fields. ONGC’s wholly-owned subsidiary ONGC Videsh Ltd. (OVL) is the biggest Indian multinational, with 40 Oil & Gas projects in 15 countries. The company earned a revenue of approx Rs. 20,000 crores with net profit margin of 34% in Dec’10.It holds largest share of hydrocarbon acreages in India & contributes over 79 per cent of Indian’s oil and gas production. Created a record of sorts by turning Mangalore Refinery and Petrochemicals Limited (MRPL) around from being a stretcher case at BIFR to the BSE Top 30, within a year.
  3. GAIL India – GAIL (India) Limited, is India’s flagship Natural Gas company, integrating all aspects of the Natural Gas value chain right from exploration to marketing.It emphasizes on clean fuel industrialization, creating a quadrilateral of green energy corridors that connect major consumption centers in India with major gas fields, LNG terminals and other cross border gas sourcing points. With a market cap Rs. 58,000 crores GAIL is expanding its business to become a player in the  International Market. . The revenue earned was 24,000 crores (2009-10) with a net profit margin of 11%.The business has achieved laying of Natural Gas high pressure trunk pipeline, LPG Gas Processing Units & Transmission pipeline network, oil and gas Exploration blocks, OFC network offering highly dependable bandwith for telecom service providers etc. GAIL has been entrusted with the responsibility of reviving the LNG terminal at Dabhol as well as sourcing LNG.GAIL is one of the best performing stocks in the Energy Industry in India in the last couple of years.It is a well managed fast growing company in one of the best sectors in India with high competitive barriers.
  4. Cairn India - With a market cap Rs. 66,000 crores, Cairn India is now one of the biggest private exploration and production companies currently operating in the region. A subsidiary of the British company Cairn,its growth has been nothing short of phenomenal after winning a bid to explore oil blocs in Rajasthan in the NELP. Cairn India’s strategy is to establish commercial reserves from strategic positions in order to create and deliver shareholder value. The company operates the largest producing oil field in the Indian private sector and has pioneered the use of cutting-edge technology to extend production life. The company has set up a Processing terminal in Barmer (Rajasthan) to process the crude from fields. A pipeline has also been constructed to transport the crude from Barmer to Bhogat in the Gujarat coast. The pipeline section from Barmer to Salaya is operational and sales have commenced to Essar, RIL and IOC.Cairn India has recently agreed to be taken over by London listed India’s largest Mining Group Vedanta though the approval is still awaited from the government of India.It is the second largest Oil and Gas private company listed on the Indian stock exchange.
  5. BPCL – BPCL is alongiwth HPCL and IOCL, a major distributor of petroleum,cooking gas and diesel in the Indian market The company has a  market capitalisation of Rs. 21,000 crores. on revenues of Rs. 36,000 crores with a net profit margin of 0.5%.The company’s low margins and abysmal stock price performance is due to the government control which forces it to sell at below cost leading to huge losses and curtails capex for growth.Despite noises of liberalization,nothing has come about with increased global crude prices increasing the losses greatly.Bharat Petroleum produces a diverse range of products, from petrochemicals and solvents to aircraft fuel and speciality lubricants and markets them to hundreds of industries and several international and domestic airlines.
  6. Indian Oil Corporation Ltd (IOCL) – The company covers the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas, and petrochemicals. With a market capitalisation of Rs. 75,000 crores, it is in the Fortune ‘Global 500′ listing, ranked at the 125th position in the year 2010. IndianOil closed the year 2009-10 with a sales turnover of Rs. 271,074 crore and profits of Rs. 10,221 crore. IndianOil and its subsidiary (CPCL) accounted for over 48% petroleum products market share, 34.8% national refining capacity and 71% downstream sector pipelines capacity in India. IndianOil is currently investing Rs. 47,000 crore in a host of projects. The IndianOil Group of companies owns and operates 10 of India’s 20 refineries with a combined refining capacity of 65.7 million metric tonnes per annum. IndianOil’s cross-country network of crude oil and product pipelines, spanning 10,899 km and the largest in the country, meets the vital energy needs of the consumers in an efficient, economical and environment-friendly manner.Like IOCL it is also suffers from government mal-interference and not a good investment.
  7. Hindustan Petroleum Corp. Ltd (HPCL – One of the smalled of the major Oil and Gas PSUs with  a market capitalisation of Rs. 11,000 crores. The company owns and operates the largest Lube Refinery in the country producing Lube Base Oils of international standards, with a capacity of 335 TMT. This Lube Refinery accounts for over 40% of the India’s total Lube Base Oil production. It has two major refineries producing a wide variety of petroleum fuels & specialties, one in Mumbai (West Coast) and the other in Vishakapatnam, (East Coast). HPCL’s vast marketing network consists of its zonal & regional offices facilitated by a supply & distribution infrastructure comprising terminals, pipeline networks, aviation service stations, LPG bottling plants, inland relay depots & retail outlets, lube and LPG distributorships. HPCL accounts for about 20% of the market share and about 10% of the nation’s refining capacity. The revenue earned was around Rs. 34,000 crores with a net profit margin of 0.6% in Dec’10.
  8. Oil India Ltd.- With a market capitalisation of Rs. 31,000 crores, OIL is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It became a wholly-owned Government of India enterprise in 1981. The revenue earned by the company was 2,400 crores & with a net profit margin of 36% in Dec ’10. Very similar in profile to ONGC it  presently produces over 3.2 million tons pa of crude oil, Natural Gas and over 50,000 Tones of LPG annually. Most of this emanates from its traditionally rich oil and gas fields concentrated in the Northeastern part of India and contribute to over 65% of total oil & gas produced in the region. It has emerged as a consistently profitable international company with exploration blocks as far as Libya and sub-Saharan Africa.
  9. Petronet LNG Ltd. -  It was formed as a Joint Venture by the Government of India to import LNG and set up LNG terminals in the country, it involves India’s leading oil and natural gas industry players. The promoters are GAIL, ONGC, IOCL & BPCL. The company has a Market cap Rs. 9,000 crores. The revenues earned in Dec’10 was approximately Rs.3,600 crores with a net profit margin of 5%.

Other companies which deserve a mention are Essar Oil,Essar Energ,Aban Offshore,Chennai Petroleum,Gujarat State Petroleum,Indraprastha Gas,Gujarat State Petronent LNG

India’s Fossil Fuel Policy – Story of Corruption,Waste,Mafia Growth

India’s Fossil Fuel Subsidies have led to a massive growth of the petrol and diesel mafia in the country.India gives subsidies on diesel,kerosene and cooking gas through its state owned petro/gas companies like BPCL,IOCL,HPCL etc.These subsidies have been given for a long time and have led to the growth of a parallel black economy in these products.They not only lead to capital misallocation but also to the massive illegal profits for a few.It is a well known fact that all petroleum pump owners adulterate petroleum ( which power most of the cars) with subsidized diesel and kerosene.This massive racket earns millions of dollars (if not billions) for a network of company officials,pump owners,government bureaucrats and politicians.The mafia is so strong and powerful that it thinks  nothing of burning alive a senior police official.The racketeers are so rich and well connected that despite common knowledge nothing gets done about it.

In 1961, it became a joint venture company between the Indian Government and Burmah Oil Company Limited, UK.

Need for Renewable Energy – Peak Oil,Global Warming,Energy Security

15 Apr, 2011
Climate Change,Fossil Fuels,Renewable Energy

Renewable Energy Investments surpassed investments in Fossil Fuel Electricity investments in Europe and USA in 2010 as developed countries focused on alternative energy as a solution to the problem of Global Warming and higher Fossil Fuel Costs.While Wind and Solar Energy are currently the dominant forms in different types of Renewable Energy,others like Tidal and Wave Energy are also seeing a lot of investment in R&D.The major advantage of Renewable Energy is that it does not emit GHG which is the leading cause of Climate Change.While this is the biggest Need for Renewable Energy other needs are equally if not more important.Here are the most important needs of Renewable Energy

Environment Friendly,Global Warming and Climate Change – Renewable Energy does not produce any GHG emissions or cause air pollution from the combustion of fossil fuels unlike coal,oil or gas.Alternative Energy does not require major mining activity leading to health hazards like thermal power.Renewable Energy also does not cause pollution disasters like the BP Oil Spill

Energy Security – Most Developer and large countries are dependent on importing billions of dollars in fossil fuel from countries with unstable and repressive political regimes.The Middle East is the biggest exporter of Oil and Gas.The region is ruled by despotic,undemocratic rulers.This make them volatile leading to the disruption in the supply of crucial energy supplies.Libya,Bahrain revolutions and civil wars underline the problems with importing energy.Europe has faced a number of disruptions in the supply of Russian Gas.Note all these fossil fuel countries are notoriously negligient in Global Warming Efforts.Russia and Saudi Arabia the 2 biggest exporters of Oil are the worst offendors in this respect

Peak Oil – Rapidly increasing population and growing prosperity in developing countries like China and India has put growing pressure on global resources.Oil has been increasing in price as the supply fails to keep up with the growing demand.Note a number of important thinktanks and countries have said that Peak Oil is about to be reached when supply stops growing because lack of Oil Deposits.This will lead to a drastic change in lifestyle as the global economy is heavily addicted to Oil.Coal and Gas Prices have also been rising in sympathy with Oil Prices making Energy costlier.

Summary

Renewable Energy also helps in supporting the democratization of energy prodcution by allowing people to generate electricity themselves through rooftop solar panles and improves energy efficiency as no need for exprensive electricity transmission is needed.Different Renewable Energy types have their own pros and cons which differs from each other.However one thing is sure,all types of Clean Energy will be needed to replace the massive energy needs of the world which is being unsustainably being fueled by Fossil Fuel Sources.

Unique Solar Energy Coal Power Plant at Queensland by Areva investing in Tripe Renewable Energy Play in Biomass,Nuclear and Solar Thermal for growth

15 Apr, 2011
Areva,Australia,Coal,Concentrated Solar Thermal,Solar Panels

Areva the French Nuclear Giant which is known more for producing equipment for nuclear power plants is been awarded federal funding by the Australian Government to build a solar coal hybrid plant in Queensland.The 44 MW Concentrated Solar Power (CSP) Plant will be built near a 750 Thermal Power Station.This will be the second solar coal hybrid plant in the world when its gets finished in 2013.Note Areva has huge plans in the Solar Thermal Technology Industry after buying startup Ausra sometimes ago.The company which is an expert in power plant equipment technology such as boilers,turbines will use its expertise to build a CSP plant adding to the power output of the Kogan Creek Thermal Station.Note the cost mentioned implies around $2.4/watt which does not seem expensive.The CSP Coal Hybrid will not require storage which will help in reducing the costs of the power plant.Note a number of Fossil Fuel Solar Hybrid Plants are being planned around the world.Almost all of these power plants use CSP Technology instead of the PV Technology.Its a valuable niche for Solar Thermal Companies to explore as they face huge competition from Solar PV which is drastically reducing its costs to reach retail electricity price equality.

Areva looking at Tripe Renewable Energy Plan in Biomass,Solar CSP and Nuclear Energy

Areva alos plans 1000 MW of Solar Thermal Capacity in India with an investment of $3 Billion partnering with Indian financial institutions.The Company is awaiting the award of projects under JNNSM which has a huge capacity earmarked for Solar Thermal Projects.The Company also plans to set up a Solar EPC subsidiary to construct turnkey plants for other companies.India could be the biggest growth market for Areva with its recent opening of the nuclear sector.Areva already has a 60 MW biomass capacity in India which is also set to set sharp growth.Areva hopes to gain from growth in all the 3 sectors of Nuclear,Solar and Biomass Energy  .

AREVA was awarded a major contract to install a solar thermal addition to CS Energy’s coal-fired Kogan Creek power station in Queensland, Australia. This solar boost project, supported by the Australian and Queensland Governments, will be the world’s largest solar integration with a coal-fired power station.Construction of the AU$ 104.7 million (around €76 million) solar addition is scheduled to begin in the second quarter of 2011, with commercial operation planned for 2013.Adding solar energy to the Kogan Creek power station will increase its output by up to 44 megawatts in peak solar conditions to the current 750 megawatts and will avoid the production of 35,600 tonnes of greenhouse gas emissions annually.

Clean Coal Technologies – Greenwashing or Reality – List of Coal Technologies – IGCC,CHP,FBC,UCC,CCS

12 Apr, 2011
Coal

Coal is the largest source of electricity supply in the world with 41% of the global power coming from the burning of coal.The Pros of Coal have made the growth of Thermal Power Plants accelerate in developing countries like China and India.This has made Coal Stocks run up by more than 150% in 2010 and  another 30% in 2010.With little alternative in terms of a cheap energy choice,Steel Makers,Power Utilities are rushing to secure Coal Mines by buying them up.This has led to a steep increase in the price of coal and it does not look like it will come down anytime soon.However Coal is also the greatest contributor to Greenhouse Gas Emissions.Coal is also responsible for thousands of deaths directly and indirectly due to Coal Mining and Coal Combustion which leads to waste products like Mercury,Arsenic etc which are extremely toxic to human health.To solve the  problems of getting cheap energy without global warming, a number of technologies have been been proposed which would reduce the harmful effects of Coal combustion..These are known as Clean Coal Technologies and a number of private companies are engaged in their development.However sceptics have dismissed Clean Coal as nothing but putting lipstick on the Carbon Pig.Here is a list of Clean Coal Technologies and Processes

Clean Coal Technoly in Coal Mining

Coal Washing – Coal Washing is a method of reducing the amount of ash in raw coal which helps in efficient combustion and increases the energy content per ton. It also reduces the sulphur content in coal in order to decrease the production of sulphur dioxide which is harmful to the environment.

Methane Gas Capture – Reducing greenhouse gas emissions during mining by capturing methane gas and using it to provide power for input to the electricity grid

Underground Coal Gasification (UCG) – In the UCG process, water/steam and air or oxygen are injected into a coal seam. The injected gases react with coal to form a combustible gas which is brought to the surface and cleaned prior to utilisation.

Clean Coal Technologies used During Combustion

Combined Heat and Power (CHP) involves the use of a steam turbine which is designed not only to drive a generator, but also to produce steam or hot water. It can provide power more efficiently and economically where there is a steady demand for the heat.They incorporate turbines which are specially designed to provide flexibility in operation, so that they can be run solely to provide power (for example if district heating is not required) or to provide a consistent and secure supply of steam (for example to an industrial plant) while also generating power.

Fluidised-Bed Combustion (FBC) -FBC reduces emissions of SO2 and NOx by the controlled combustion of crushed coal in a bed fluidised with jets of air. Sulphur released from coal as SO2 is absorbed by a sorbent such as limestone, which is injected into the combustion chamber along with the coal. Around 90% of the sulphur can be removed as a solid compound with the ash. FBCs operate at a much lower temperature than conventional pulverised coal boilers, greatly reducing the amount of thermal NOx formed.

Integrated Gasification Combined Cycle (IGCC) – IGCC  involves gasification of coal  cleaning the gas produced, and combusting it in a gas turbine to produce electricity. Residual heat in the exhaust gas from the gas turbine is recovered in a heat recovery boiler as steam, which can be used to produce  additional electricity in a steam turbine generator.Sulphur, nitrogen compounds, and particulates are removed

Use of Supercritical Boilers,Efficient Coal Combustion Technology – Developed countries use Thermal Power Plants with higher efficiency of around 36% compared to around 30% in Developing Countries.This means that the Coal Power Plants burn more Carbon Dioxide per Kwh in Developing Countries.India and China have started building mega power plants using supercritical boiler technology which burns coal more efficiently.Some of these UMPPs have even gotten carbon credits from UN CDM council drawing criticism from green activists

Clean Coal Technologies used During Emission

Particulate emissions control technologies – Primary particulate matter is generated by a variety of physical and chemical processes. During coal combustion, the mineral matter (inorganic impurities) is converted to ash. Part of the ash is discharged from the bottom of the furnace as bottom ash. The particles suspended in the flue gas are known as fly ash.The technologies used to control this use filters,electrostatic,mechanical and thermal techniques

Flue gas desulfurization – This technology is used to control the emission of Sulphur Dioxide which is emitted during combustion of the sulphur found in coal as impurity.Scrubbers and other process are used in this method.

Low NOx Burners - These burners  allow coal-fired plants to reduce nitrogen oxide emissions by up to 40%. Coupled with re-burning techniques NOx can be reduced 70% and selective catalytic reduction can clean up 90% of NOx emissions.

Ultra-clean coal (UCC) - New processing technologies which reduce ash below 0.25% and sulfur to very low levels mean that pulverised coal might be used as fuel for very large marine engines, in place of heavy fuel oil.  There are at least two UCC technologies under development.

Clean Coal Technologies used post Combustion

Carbon Capture and Storage (CCS) – As the name implies,these technologies try and capture the carbon which is emitted during emission of Coal.The Coal is then stored in underground caverns or Oil Wells.However the technical feasibility of various CCS approaches  have been found to be unworkable.Many grants have been given by the government but it is a technology still in the far future.

Summary

Despite a number of Clean Coal Technologies being developed and employed,carbon emissions from Coal Ming and Use can only be partly reduced and will not make a major impact on the problem of Climate Change.Clean Coal Technology is not a Green Solution to the Disadvantages of Coal.Saying that implementing Clean Coal Technology will result in Climate Change Mitigation is Greenwashing.That said these technologies need to be implemented till the world is ready to move away from its addiction to cheap energy provided by Coal even though it has a deleterious long term affect.

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