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MOSL: POWER & COAL MONTHLY-Power demand recovering; E-auction prices trending lower

POWER & COAL MONTHLY: Power demand recovering; E-auction prices trending lower

 

Conventional generation increases 5.1% in May’19

• Conventional electricity generation increased 5.1% YoY in May’19 (YTD: +5% YoY); it is showing signs of recovery after the muted offtake seen in Jan-Mar (0% YoY). Hydro generation surged ~32% YoY while coal generation was up ~3%.

 

Total generation increases 5.8% YoY in Apr’19

• Including renewable energy (RE), generation has grown 5.8% YoY in Apr’19. RE represents 8.2% of India’s generation in Apr’19 – accounting for ~20% share of the incremental generation.

 

E-auction prices trending downwards

• E-auction realizations for March/April stood at INR2,276/INR2,488. This is lower v/s average monthly realizations of ~INR3,300 over Dec’18-Feb’19, given improved availability and lower international coal prices.
• Coal stocks at power plants stood at 16 days in May’19 (v/s 18 days in Apr’19), significantly improving from just six days in Oct’18.