Public sector company Coal India Limited (CIL) is planning to offer 2.56 crore tonnes of coal through online auction this month. This step of Coal India will help in reducing the shocks of energy supply to the industry amid the West Asia crisis. The demand for coal has increased due to disruption in the supply of LNG, LPG and crude oil from the West. Besides, imported coal has also become expensive.
How many tonnes will be auctioned in February-March?
Coal India had offered 3.25 crore tonnes of coal through e-auction in March as compared to 2.05 crore tonnes in February this year. The country’s leading coal producing company offers coal through single window agnostic (SWMA) auction. SWMA auction is an integrated and simplified auction process, which was launched in 2022. Its objective is to bring together multiple existing auction methods (Spot, Special Spot, Forward) on a single platform, making coal procurement easier, more transparent and market based for all buyers.
What is Coal India’s planning?
According to the SWMA auction calendar of Coal India Limited, Coal India’s subsidiary Western Coalfields Limited is expected to offer 20 lakh tonnes of coal, South Eastern Coalfields Limited 30 lakh tonnes, Central Coalfields Limited 32 lakh tonnes, Northern Coalfields Limited 6 lakh tonnes, Bharat Coking Coal Limited 38 lakh tonnes, Eastern Coalfields Limited 47 lakh tonnes, Mahanadi Coalfields Ltd 85 lakh tonnes and North Eastern Coalfields 20 thousand tonnes of coal. Making plans.
80 percent share in coal production
Coal India’s share in the country’s total coal production is 80 percent. Coal India has said that buyers from Bangladesh, Bhutan and Nepal can now directly participate in the online coal auction. They do not need to go to middlemen. The company has said that this step will enable better utilization of surplus coal resources and increase transparency.