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Event update: Power Utilities - Mute start to the year

Overall electricity generation April 2018 FY18 grew by 2.2% yoy to ~112BU. Excluding renewables, growth was flat. Our estimate of generation growth is 6% yoy in FY19E.  Overall, Growth in generation was 8.9%/5.7%/5.7%/5.4% yoy in FY15/FY16/FY17/FY18. PLF of coal-based power plants stood at 60.5% (vs59.6% in FY17) in FY18. Detailed plant-wise key operating metrics (PLFs and availability) are illustrated on pages 3-13. Key takeaways for April 2018 operating metrics are mentioned below:

• NTPC: PLF of NTPC’s coal-based power plants were 80.3% (-170bp yoy). April 18 PAF for NTPC coal based power station was 87.2% (-136bps yoy).  PAF has improved in recently commissioned power plants
• JSW Energy: PLF of JSW’s Vijaynagar power plant was 66.1% (-1548 bps) while the Ratnagiri plant reported PLF of 79.9% (+705bp yoy). JSW supplying under short term PPA for Vijaynagar for250MW.
• Tata Power: Mundra’s PLF were 74.9% (+485bp yoy). PAF was 75% (normative is 80%). Maithon PLF was 87.4%.  PAF was 87.6% (normative is 85%).
• CESC: Budge Budge PLF was 97.4% (-301 bps yoy), Haldia’s PLF was 94.4% (+1140bp yoy) and Dhariwal PLF was  79.1% (+1818 bp yoy). 
• Jindal Power: Tamnar–I’s PLF was 22.9% (-6781bp yoy) and Tamnar–II’s was 36.5% (+833bp yoy).