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Event update: Power Utilities - Sep 2018 generation grew by 7.5%

Overall electricity generation in September 2018 grew by 7.5% to ~118BU. Excluding renewables, growth was 5.4% yoy. Our estimate of generation growth is 6% yoy in FY19E.  H1FY19 growth in generation (including renewables) and generation (excluding renewables) was 4.0% and 6.1% yoy. YTDFY19 PLF of coal-based power plants stood at 60.6% (vs 59.7% in YTDFY18). Detailed plant-wise key operating metrics (PLFs and availability) are illustrated on pages 3-12. Key takeaways for Sep 2018 /H1FY19 operating metrics are mentioned below:

• NTPC: PLF of NTPC’s coal-based power plants were 77% (-73bp yoy). H1FY19 PAF for NTPC coal based power station was 84.6% (-275bps yoy).  PAF has improved in recently commissioned power plants
• JSW Energy: PLF of JSW’s Vijaynagar power plant was 50.8% (+671 bps) while the Ratnagiri plant reported PLF of 64.4% (756bp yoy). JSW is supplying in short term market from Vijayanagar TPP.
• Tata Power: Mundra’s PLF were 71% (+138bp yoy). H1FY19 PAF was 70%, -339 bps yoy (normative is 80%). Maithon PLF was 60% (-3591bps yoy).  YTD PAF was 81% (normative is 85%).
• CESC: Budge Budge PLF was 100.2% (+278 bps yoy), Haldia’s PLF was 97.4% (+945bp yoy) and Dhariwal PLF was 50.8% (+626 bp yoy).  Dhariwal PLF has improved with flexi coal scheme PPA

·      Jindal Power: Tamnar–I’s PLF was 40.1% (-1357bp yoy) and Tamnar–II’s was 29.3% (+684bp yoy).