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Event update: Power Utilities - Q3FY18 growth at 3.3%

Overall electricity generation in December 2017/Q3FY18/9mFY18 grew by 3.0%/3.3%/5.0% yoy to ~97/295/906BU. In contrast, growth was 6.1% in Q3FY17. Excluding renewables, growth was 1.4%/2.2%/3.8% yoy. We revise our estimate of generation growth to 5-6% in FY18. PLF of coal-based power plants stood at 59.6% in 9mFY18. Detailed plant-wise key operating metrics (PLFs and availability) are illustrated on pages 3-11. Key takeaways for Q3FY18 operating metrics are mentioned below.

• NTPC: PLF of NTPC’s coal-based power plants were 78.4% (+118bp yoy) in Q3FY18. 9mFY18 PAF for NTPC coal based power station was 86.2% (-389bps yoy).  Under recovery exists in 3.6GW of capacity
• JSW Energy: PLF of JSW’s Vijaynagar power plant was 51.8% (-155bps) while the Ratnagiri plant reported PLF of 73.2% (+1533bp yoy). JSW entered into short term PPA for Vijaynagar.for 250MW.
• Tata Power: Mundra’s PLF were 74.2% (-327bp yoy). 9mFY18 PAF was 75% (normative is 80%). Maithon PAF was 84% in 9mFY18.
• CESC: Budge Budge PLF was 77.8% (+1358bps yoy), Haldia’s 87.1% (+1048bp yoy) and Dhariwal TPS 37.0% (+795 bp yoy).  Dhariwal 9mFY18 PLF has improved on start of long term power supply to Noida.
• Jindal Power: Tamnar–I’s PLF was 25.3% (-2686bp yoy) and Tamnar–II’s 46% (+1319bp yoy).