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New UserConsunji-led Semirara Mining faces profit dip despite record coal shipments, sales
28 Feb 2024
Semirara Mining and Power
Corporation (SMPC), controlled by the Consunji family, saw its profit fall by
30% to P27.9 billion but it still marks the second highest in the company’s
history.
While the company faced a decline in average selling prices for
both coal and electricity, strong coal shipments and record-breaking
electricity sales helped mitigate the impact.
“Last year, we expected energy prices to stabilize so we focused
on boosting our mine and plant outputs. Our people played a crucial role in helping
us manage the challenges of a fluctuating energy market,” said SMPC President
and COO Maria Cristina C. Gotianun.
Coal sales volume rose 7% to 15.8 million metric tons, driven by
a 14% rise in exports, which climbed from 7.1 MMT to 8.1 MMT. However, this
positive trend was partially offset by stagnant domestic sales, remaining at
7.7 MMT.
Despite the volume increase, the average selling price (ASP) of
Semirara coal dropped by 26%, falling from P5,136 to P3,796. This decline was
attributed to several factors, including oversupply from Indonesia, warm winter
and subdued global economic growth.
On the brighter side, combined electricity sales from SMPC
subsidiaries SEM-Calaca Power Corporation (SCPC) and Southwest Luzon Power
Generation Corporation (SLPGC) jumped 26% to 4,515 gigawatthours (GWh). This
positive trend was primarily driven by an 86% increase in SCPC’s gross
generation.
For the fourth quarter alone, SMPC reported a 36 percent jump in
net income to P5.3 billion, fueled by a 77% surge in coal sales. This increase
was primarily driven by exports, which more than tripled to 3.5 million metric
tons.
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India's
coal imports for power plants fall by 37% as self-reliance grows
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IANS | 27 Feb, 2024 Coal
imports for blending declined to 19.36 MT during April 2023-January 2024 from
30.58 MT in the corresponding period of the previous year. This exemplifies
the nation's steadfast commitment to achieve self-reliance in coal production
and minimise overall coal imports, the ministry said. Indian
power plants import coal of higher calorific value and blend it with domestic
coal to improve the overall quality of their fuel to generate electricity in
a more optimal manner. In
India, power generation is diversified across conventional (thermal, nuclear
and hydro) and renewable sources (wind, solar, biomass, etc.). However, coal
remains the predominant source, contributing over 70 per cent to the total
power generation. Coal-based
power generation in the country has been pivotal in meeting the nation's
burgeoning energy demands. Currently, India is witnessing a substantial surge
in power requirements, propelled by industrial expansion, technological
advancements and economic development. The
government is persisting in its relentless efforts to further augment coal
production with the aim of enhancing availability and reducing dependence on
imported coal. This strategic approach serves to safeguard foreign reserves
while bolstering the nation's energy security, the Coal Ministry said. |