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Event update: Power Utilities - January growth at 7% yoy

Overall electricity generation in January 2018/10mFY18 grew by 7.1% yoy/5.3% yoy to ~109BU/1094BU. Excluding renewables, growth was 5.8% yoy/4.0% yoy in January 2018/10mFY18. In contrast, growth was 5.7% in FY17. Our estimate of generation growth is 5-6% yoy in FY18E. PLF of coal-based power plants stood at 59.8% in 10mFY18. Detailed plant-wise key operating metrics (PLFs and availability) are illustrated on pages 3-13. Key takeaways for January 2018 operating metrics are mentioned below.

• NTPC: PLF of NTPC’s coal-based power plants were 79.4% (+35bp yoy). 10mFY18 PAF for NTPC coal based power station was 86% (-458bps yoy).  Under recovery exists in 4.8GW of capacity
• JSW Energy: PLF of JSW’s Vijaynagar power plant was 49.5% (-1004bps) while the Ratnagiri plant reported PLF of 63.4% (+3168bp yoy). JSW supplying under short term PPA for Vijaynagar for250MW.
• Tata Power: Mundra’s PLF were 91.1% (+309bp yoy). 10mFY18 PAF was 77% (normative is 80%). Maithon PAF was 83% in 10mFY18.
• CESC: Budge Budge PLF was 87.8% (2444bps yoy), Haldia’s 67% (+1467bp yoy) and Dhariwal – 44.9% (+1409 bp yoy).  Dhariwal 10mFY18 PLF has improved on start of long term power supply to Noida.

·      Jindal Power: Tamnar–I’s PLF was 34.4% (-1131bp yoy) and Tamnar–II’s 38.9% (+1582bp yoy).