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Event update: Power Utilities - Q1FY19 generation grew by 4.4%

Overall electricity generation in June 2018 grew by 7.0% to ~115BU. Excluding renewables, growth was 4.7% yoy. Our estimate of generation growth is 6% yoy in FY19E.  Q1FY19 growth in generation (including renewables) and generation (excluding renewables) was 4.4% and 2.9% yoy. Q1FY19 PLF of coal-based power plants stood at 63.3% (vs 62.4% in Q1FY18) . Detailed plant-wise key operating metrics (PLFs and availability) are illustrated on pages 3-13. Key takeaways for Q1FY19 operating metrics are mentioned below:

• NTPC: PLF of NTPC’s coal-based power plants were 78.9% (-81bp yoy). Q1FY19 PAF for NTPC coal based power station was 86.0% (-296bps yoy).  PAF has improved in recently commissioned power plants
• JSW Energy: PLF of JSW’s Vijaynagar power plant was 49.7% (-1863 bps) while the Ratnagiri plant reported PLF of 84.3% (+1872bp yoy). JSW is supplying in short term market from Vijayanagar TPP.
• Tata Power: Mundra’s PLF were 64% (+322bp yoy). Q1FY19 PAF was 68%, +691 bps yoy (normative is 80%). Maithon PLF was 84.3%.  YTD PAF was 87.3% (normative is 85%).
• CESC: Budge Budge PLF was 97.7% (-257 bps yoy), Haldia’s PLF was 91.8% (+643bp yoy) and Dhariwal PLF was  77.9% (+2395 bp yoy).  Dhariwal PLF has improved with flexi coal scheme PPA

·      Jindal Power: Tamnar–I’s PLF was 40.4% (-4397bp yoy) and Tamnar–II’s was 33.4% (+772bp yoy).