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MOSL: POWER & COAL MONTHLY-Power demand down for fifth consecutive month

POWER & COAL MONTHLY:

Conventional generation down 2% YoY
** Conventional electricity generation declined 2% YoY in Dec'19. On a YTD basis, generation is down slightly by 0.1% YoY. Demand decline was particularly pronounced in the northern and eastern regions (down ~ 4% YoY). Coal-based generation declined ~4% YoY in the month. Hydro and nuclear generation increased 14% and 16% YoY, respectively.

Total generation too down 2% YoY
** Overall generation was also down by ~2% YoY in Dec'19. Overall RE generation increased by just ~3% YoY.

Coal stocks now at 18 days
** On the back of increasing coal production and lower demand for thermal generation, coal stocks at power plants increased to 18 days in Dec'19 (v/s 15 days in Nov'19 and just 10 days in Dec'18).

IEX volumes increase
** DAM volumes on IEX increased 42% YoY in Dec'19. On a YTD basis, DAM volumes are down 11% YoY. Prices stood at INR2.9/kWh, implying an MoM increase of 2-3%.

NTPC: Availability at plants improving
** Availability factor for NTPC plants is showing signs of an improvement post heavy monsoon. PAF at the company's plants within the Korba coalfield (Korba Stg. III and Sipat) was at 90-100% for the month. Availability at Talcher also improved to ~97% (v/s ~72% PAF for 8MFY20).

** PLF for NTPC's S/A plants declined ~1,060bp YoY to 66% for 9MFY20.