TheJakartaPost
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The Jakarta Composite Index (JCI) on Wednesday dropped by 2.03 percent to 6,368.27 as Energy and Mineral Resources Minister Ignasius announced the government’s plan to immediately decide a domestic coal price under the domestic market obligation (DMO).
The Indonesian Geological Experts Association (IAGI) has urged the government to not hurriedly decide on domestic coal prices under the domestic market obligation (DMO) as a mechanism to help curb electricity rates, as demanded by state-owned electricity company PLN.
State-owned electricity firm PLN has reported its challenges, particularly those related to the price and supply of coal, directly to President Joko “Jokowi” Widodo, hoping the government will help ease its financial burdens while maintaining electricity rates.
For coal-exporting countries such as Indonesia and Australia the past few years have been little more than an endless stream of bad news. Coal prices have hit record lows, exports have plummeted and financially leveraged mining giants have watched their balance sheets slide precipitously from black to red.No surprise then that for coal producers the sudden uplift in global coal prices in June and July felt like awakening from a nightmare. But it is a false dawn. And ignoring reality, however unpalatable, will only result in longer-term economic pain.
