{"id":7556,"date":"2012-01-31T21:24:25","date_gmt":"2012-01-31T19:24:25","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/update-2-coal-india-cuts-price-as-power-woes-mount\/"},"modified":"2012-01-31T21:24:25","modified_gmt":"2012-01-31T19:24:25","slug":"update-2-coal-india-cuts-price-as-power-woes-mount","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-coal-india-cuts-price-as-power-woes-mount\/","title":{"rendered":"UPDATE 2-Coal India cuts price as power woes mount"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* India &#8220;not in a position&#8221; to raise prices &#8211; minister<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Pricing mechanism to be reviewed after March<\/p>\n<p><span><\/span><\/p>\n<p>* Shares fall as much as three percent<\/p>\n<p> (Adds details, quote)<\/p>\n<p><span><\/span><\/p>\n<p>By Sanjeev Choudhary<\/p>\n<p><span><\/span><\/p>\n<p>NEW DELHI, Jan 31 (Reuters) &#8211; Coal India<br \/>\nreversed a price increase on Tuesday as the world&#8217;s biggest coal<br \/>\nminer bowed to pressure from an Indian government which is<br \/>\nstruggling with massive power shortages that are a drag on<br \/>\ngrowth in Asia&#8217;s third-largest economy.<\/p>\n<p><span><\/span><\/p>\n<p>The cost of coal rose this month after the company switched<br \/>\nto a new pricing mechanism that links local coal prices with<br \/>\nglobal benchmarks. Power producers have protested, saying it<br \/>\nonly worsened problems created by hefty coal supply shortages.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Our country is not in a position to increase power prices,&#8221;<br \/>\nCoal Minister Sriprakash Jaiswal told reporters.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;When we made a switch to GCV system, there was perhaps an<br \/>\nerror by Coal India and prices for coal went up. It could have<br \/>\nimpacted the cost of power,&#8221; he added, referring to the new<br \/>\nmechanism that links price to gross calorific value (GCV).<\/p>\n<p><span><\/span><\/p>\n<p>He said Coal India would review the new pricing mechanism<br \/>\nbased on the impact of the price rollback on its revenues in the<br \/>\nJanuary to March quarter.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* India &#8220;not in a position&#8221; to raise prices &#8211; minister * Pricing mechanism to be reviewed after March * Shares fall as much as three percent (Adds details, quote) By Sanjeev Choudhary NEW DELHI, Jan 31 (Reuters) &#8211; Coal India reversed a price increase on Tuesday as the world&#8217;s biggest coal miner bowed to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7556","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7556"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7556\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}