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Event update: Power Utilities - February growth at 4.3% yoy

Overall electricity generation in Feb 2018/11mFY18 grew by 4.3% yoy/5.3%% yoy to ~99BU/1193BU. Excluding renewables, growth was 2.6% yoy/4.3% yoy in February 2018/11mFY18. Our estimate of generation growth is 5-6% yoy in FY18E. In contrast, growth was 5.7% yoy in FY17. PLF of coal-based power plants stood at 60.1% in 11mFY18. Detailed plant-wise key operating metrics (PLFs and availability) are illustrated on pages 3-13. Key takeaways for February 2018 operating metrics are mentioned below.

• NTPC: PLF of NTPC’s coal-based power plants were 80.4% (+139bp yoy). 11mFY18 PAF for NTPC coal based power station was 86% (-471bps yoy).  Under recovery exists in 4.2GW of capacity
• JSW Energy: PLF of JSW’s Vijaynagar power plant was 45.9% (-3228 bps) while the Ratnagiri plant reported PLF of 54.7% (+2206bp yoy). JSW supplying under short term PPA for Vijaynagar for250MW.
• Tata Power: Mundra’s PLF were 97.3% (577bp yoy). 11mFY18 PAF was 80% (normative is 80%). Maithon PAF was 84% in 11mFY18.
• CESC: Budge Budge PLF was 88.4% (+1478 bps yoy), Haldia’s 88.9% (+1395bp yoy) and Dhariwal – 44.4% (+1664 bp yoy).  Dhariwal 11mFY18 PLF has improved on start of power supply to Noida.

·      Jindal Power: Tamnar–I’s PLF was `26.8% (-1933bp yoy) and Tamnar–II’s 37.1% (+1373bp yoy).