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Event update: Power Utilities - Aug 2018 generation grew by 4.8%; Demand grew by 6% yoy

Overall electricity generation in August 2018 grew by 4.8% to ~119BU. Excluding renewables, growth was 2.9% yoy. Our estimate of generation growth is 6% yoy in FY19E.  YTDFY19 growth in generation (including renewables) and generation (excluding renewables) was 3.7% and 5.2% yoy. YTDFY19 PLF of coal-based power plants stood at 60.5% (vs 59.7% in YTDFY18). Detailed plant-wise key operating metrics (PLFs and availability) are illustrated on pages 3-15. Key takeaways for August 2018/YTDFY19 operating metrics are mentioned below:

• NTPC: PLF of NTPC’s coal-based power plants were 72.1% (-653bp yoy). YTDFY19 PAF for NTPC coal based power station was 84.9% (-343bps yoy).  PAF has improved in recently commissioned power plants
• JSW Energy: PLF of JSW’s Vijaynagar power plant was 47.1% (+671 bps) while the Ratnagiri plant reported PLF of 54.8% (+459bp yoy). JSW is supplying in short term market from Vijayanagar TPP.
• Tata Power: Mundra’s PLF were 70.3% (-2048bp yoy). YTDFY19 PAF was 69.2%, -329 bps yoy (normative is 80%). Maithon PLF was 77.3% (-939bps yoy).  YTD PAF was 84% (normative is 85%).
• CESC: Budge Budge PLF was 100.5% (-64 bps yoy), Haldia’s PLF was 95.7% (+490bp yoy) and Dhariwal PLF was 45.3% (+562 bp yoy).  Dhariwal PLF has improved with flexi coal scheme PPA

·      Jindal Power: Tamnar–I’s PLF was 37.8% (-1983bp yoy) and Tamnar–II’s was 29.1% (+730bp yoy).