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Event update: Power Utilities - Oct 2018 generation grew by 11.4%

Overall electricity generation in October 2018 grew by 11.4% to ~122BU. Excluding renewables, growth was 10.2% yoy.. YTDFY19 growth in generation (including renewables) and generation (excluding renewables) was 5% and 7% yoy. We revise our estimate of generation growth to 7% yoy (from 6% yoy) in FY19E. YTDFY19 PLF of coal-based power plants stood at 61% (vs 59.6% in YTDFY18). Detailed plant-wise key operating metrics (PLFs and availability) are illustrated on pages 3-12. Key takeaways for Oct 2018 /YTDFY19 operating metrics are mentioned below:

• NTPC: PLF of NTPC’s coal-based power plants were 79.8% (+229bp yoy). YTDFY19 PAF for NTPC coal based power station was 84.2% (-226bps yoy).  PAF has improved in recently commissioned power plants
• JSW Energy: PLF of JSW’s Vijaynagar power plant was 88.5% (+3015 bps) while the Ratnagiri plant reported PLF of 94.9% (+990bp yoy). JSW is supplying in short term market from Vijayanagar TPP.
• Tata Power: Mundra’s PLF were 77.6% (+39bp yoy). YTDFY19 PAF was 71%, -392 bps yoy (normative is 80%). Maithon PLF was 79.8% (+199bps yoy).  YTD PAF was 80% (normative is 85%).
• CESC: Budge Budge PLF was 95.5% (-256 bps yoy), Haldia’s PLF was 93.6% (+429bp yoy) and Dhariwal PLF was 76.4% (+2099 bp yoy).  Dhariwal PLF has improved with flexi coal scheme PPA

·      Jindal Power: Tamnar–I’s PLF was 51% (+2643bp yoy) and Tamnar–II’s was 37.5% (-353bp yoy).