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India to face wider coal crisis in Q2, worsening power outage risks: Report

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India expects local coal supply to fall 42.5 million tonnes short of demand in the September quarter, 15% higher than previously projected

Union power minister R K Singh has blamed the steep rise in the prices of imported coal on the Russia-Ukraine war.

India is expected to face a wider coal shortage during the quarter ending September over expectations of higher power demand, an internal power ministry presentation seen by Reuters showed, worsening risks of widespread power outages.

The energy-hungry nation expects local coal supply to fall 42.5 million tonnes short of demand in the September quarter, 15% higher than previously projected, due to higher growth in power demand and lower output from some mines.

The grim forecast shows the extent of the fuel shortage in India, at a time when annual power demand is seen growing at the fastest rate in at least 38 years and global coal prices are trading at near-record levels due to a supply crunch resulting from the Russia-Ukraine crisis.

India has stepped up pressure on utilities to increase imports in recent days, warning of cuts to supply of domestically mined coal if power plants do not build up coal inventories through imports.

However, one of the slides in the presentation showed that most states had yet to award contracts to import coal and that Indian utilities would run out of coal by July if no coal was imported.

Only one state had awarded a contract to import coal as of end-April, a power ministry import status report reviewed by Reuters showed.

India expects domestic coal supply of 154.7 million tonnes, 42.5 million tonnes short of the projected requirement of 197.3 million tonnes in the September quarter, the presentation showed. It previously expected a shortage of 37 million tonnes.

The presentation was made on Friday in a virtual meeting in which the federal coal and power ministers were present, with top energy officials from the federal government and the states in attendance, according to two government officials familiar with the matter.

The federal coal and power ministries did not immediately respond to a request seeking comment. Details on the presentation have not been previously reported.

Coal inventories at power plants have declined by about 13% since April, which translates to eight days of coal requirement, the lowest level at this time of the year in at least nine years. The higher coal demand could also stifle efforts to build power plant inventories.

India now expects the demand for coal from utilities to be 784.6 million tonnes for the year ending March 2023, the presentation showed, 3.3% higher than projected earlier.

The projected annual coal shortage is now 49.3 million tonnes, nearly three times the 17.7 million tonnes projected earlier, the presentation showed.

India reconciled its coal demand projections after higher-than-expected power demand growth in April, when electricity use hit a record high due to soaring temperatures.

Many states on Friday called for the federal government-run Coal India to import coal in bulk and distribute it among the states, the officials said.

States cited high global prices and supply challenges to seek aggregated imports, the officials said, adding that the coal minister had told states the demand would be considered.

Higher imports could put further pressure on state-government-owned power distribution companies, which are already saddled with debt and owe billions of dollars to generators as they have historically absorbed higher input costs to keep tariffs steady.

Coal India did not immediately respond to a request seeking comment. The world's largest miner has not imported coal in the recent years.

Crypto giant FTX ready with billions of dollars for acquisitions

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Most recently, FTX has been making waves in traditional financial circles with a plan that could cut out brokerages from clearing some derivatives.Crypto giant FTX ready with billions of dollars for acquisitions

Billionaire Sam Bankman-Fried, who’s also the firm’s co-founder, said on Friday that recent rounds of fundraising by FTX and its US entity -- totaling more than $2 billion -- could be used to bankroll the moves.

“FTX is a profitable company,” he said in an interview. “You can look at the amount that we’ve raised over the last year or two -- it’s a few billion dollars. That gives maybe a sense of where we are in terms of cash that was explicitly viewed from a potential acquisition angle.”

Bankman-Fried, 30, has emerged as one of the most recognizable people in crypto. FTX crashed into the mainstream with Super Bowl ads, naming rights to the Miami Heat’s home court, and its logo on Major League Baseball umpire uniforms. Most recently, FTX has been making waves in traditional financial circles with a plan that could cut out brokerages from clearing some derivatives.

FTX has no shortage of funds in its war chest for deal-making. In January, the exchange raised $400 million at a $32 billion valuation, bringing the total amount raised in the prior half a year to close to $2 billion. At the same time, its US entity separately raised $400 million.

While Bankman-Fried said FTX doesn’t need to buy new firms to grow, the company has already been on a spending spree.

Last year, the American arm bought LedgerX, a Commodity Futures Trading Commission-regulated exchange and clearinghouse, to gain a foothold in the US crypto derivatives market. In April, FTX bought a significant stake in IEX Group Inc., owner of the stock-trading platform made famous by “Flash Boys.” This month, Bankman-Fried revealed that he’d bought a 7.6% stake in Robinhood Markets Inc.

“It’s always something that we’re going to be open to and keeping our ears to the ground on,” Bankman-Fried said of additional acquisitions. Being able to offer more products to investors, including the ability to trade stocks, so that they don’t have to go elsewhere for those services is one of FTX’s ambitions, he added.

Companies with substantial user bases or with teams that have deep knowledge and expertise in areas FTX isn’t as well-versed in can be attractive acquisition targets, he said. And sometimes it just makes sense from an economic perspective, he said. “If it’s cheap, sure.”

The latter was a big motivator in the crypto executive’s recent Robinhood investment, he said. At the time of his purchase, the brokerage’s stock had fallen by about 90% from an August peak of $85-per-share.

FTX’s ambitions are requiring the firm to spend a lot of time working with Washington regulators, he said, adding that he’s been coming to the US capitalt every other week. While Bankman-Fried said his firm is engaging with the Commodity Futures Trading Commission and the Securities and Exchange Commission as FTX expands market offerings, the firm isn’t currently planning to seek a federal bank charter as some crypto firms have.

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