Coal India expecting to sell 60 MT coal via e-auction in H1 of FY24: CMD

New Delhi: Coal India Limited (CIL) is expecting to sell 60 Million Tonnes (MT) of coal, which will be 15 percent of the total coal produced in H1 of FY2023-24, via e-auction, said Chairman and Managing Director (CMD) PM Prasad during a recent investors’ call conference. Prasad also said that the coal miner has registered 90 percent premium over the notified price under the e-auction regime and exuded confidence that the trend will continue.

“The percentage of premium was 90 percent, which is the overall figure for Coal India as a whole. In BCCL it is 56 percent, ECL 71 percent, CCL 114 percent, NCL 114 percent, Mahanadi 107 percent,” said the CMD.

CIL will prioritise supplies to power sector, then sell via e-auction: CMD

While reiterating that Coal India will prioritise coal supply to the power sector, the CMD said that the coal miner will then sell coal through the e-auction route where the non-power sector takes part mostly. “In power plant, we are supposed to give 610 million. We are quite sure that we will be committing and we will be fulfilling 610 million. And after that, this e-auction and other than that, supplies to RINL also we are taking care,” said the CMD.

Commenting on the healthy premium earned by Coal India over the notified price, Prasad said, “Right now, it is moving ahead quite well, but it depends on many factors: one is the demand, and number two is other international prices, markets, import quantities. But as of now, the demand is there and we are quite sure the price consideration of imports is also being taken care. We are looking into that also. But the quantities are almost being booked.”

The CMD also said that the price of coal for the power sector will not be hiked for at least another year until elections are over.

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