London - The World Coal Association (WCA) has welcomed news that Moody's has upgraded the outlook for India's power sector to stable from negative in view of surge in domestic coal production.
The ratings agency announced this in its outlook investors service report Power Sector - Asia Pacific: 2017 Outlook-Rising Industry Challenges Are Manageable, Outlook Stable.
Commenting on the news, WCA CEO, Benjamin Sporton said: “It is really positive to see that the Modi government reforms are having an impact on India’s power sector, and points to the important role coal is playing in the country’s socio-economic development. The WCA will continue to support India’s energy sector, especially in the deployment of available technologies that willensure coal is used as cleanly as possible”
According to the International Energy Agency (IEA),coal will continue to make the largest contribution to electricity generation in India through to 2040. The country is also predicted to drive global demand for coal in the decades to come.
“It’s clear that for India, excluding coal from the energy mix is not an option– It is essential for the country’s continued economic growth and critical for energy security. As with many developing economies, India needs all sources of energy available to meet its growing energy needs using the best possible technology” Mr Sporton adds.
More than 300 million people in India are without access to electricity.
- ENDS -
About the World Coal Association
The World Coal Association is a global industry association formed of major international coal producers and stakeholders. The WCA works to demonstrate and gain acceptance for the fundamental role coal plays in achieving a sustainable and lower emissions energy future. Membership is open to companies and not-for-profit organisations with a stake in the future of coal from anywhere in the world, with member companies represented at Chief Executive or Chairman level. WCA is the global network for the coal industry.
For further information, please contact:
t: +44 (0) 20 7851 0052
Feel free to use any part of this quote for news articles or comment pieces.