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Event update: Power Utilities - May generation improves to 5%

Overall electricity generation in May 2018 grew by 4.7% to ~121BU. Excluding renewables, growth was 3.1% yoy. Our estimate of generation growth is 6% yoy in FY19E.  YTD growth in generation (including renewables) and generation (excluding renewables) was 3.4% and 1.9% yoy. YTD PLF of coal-based power plants stood at 65.1% (vs64.8% in YTDFY17). Detailed plant-wise key operating metrics (PLFs and availability) are illustrated on pages 3-13. Key takeaways for May 2018 operating metrics are mentioned below:

• NTPC: PLF of NTPC’s coal-based power plants were 80.7% (-17bp yoy). YTD PAF for NTPC coal based power station was 86.3% (-275bps yoy).  PAF has improved in recently commissioned power plants
• JSW Energy: PLF of JSW’s Vijaynagar power plant was 61% (-2264 bps) while the Ratnagiri plant reported PLF of 96% (+2525bp yoy). JSW supplying under short term PPA for Vijaynagar for250MW.
• Tata Power: Mundra’s PLF were 65.7% (+597bp yoy). YTD PAF was 71% (normative is 80%). Maithon PLF was 91%.  YTD PAF was 87.2% (normative is 85%).
• CESC: Budge Budge PLF was 96.4% (-365 bps yoy), Haldia’s PLF was 93.3% (+686bp yoy) and Dhariwal PLF was  82.3% (+1520 bp yoy). 
• Jindal Power: Tamnar–I’s PLF was 46% (-3859bp yoy) and Tamnar–II’s was 39.2% (+1514bp yoy).