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MOSL: UTILITIES | POWER MONTHLY-April 2017 – Generation up 3.8% YoY-Seasonal uptick in IEX prices

​UTILITIES | POWER MONTHLY: April 2017 – Generation up 3.8% YoY; Seasonal uptick in IEX prices

Conventional generation up 3.8% YoY in April

• ​Conventional electricity generation grew 3.8% YoY in April 2017, encouraging as it comes off a strong base of 14.7% YoY growth in April 2016.
  
• Coal-based generation grew at a slower pace of 2.4% YoY, as hydro generation grew 30.9% YoY. Hydro is typically cheaper and gets preference in merit order.
  
• Private coal-based plants gained share, as generation grew 5.1% YoY. Generation at central coal-based plants grew 2.1% YoY while for states declined 0.4% YoY. NTPC’s standalone coal-based plants generation grew 2.3% YoY.
  

Strong growth in RE generation, led by solar

• ​RE generation grew 13.1% YoY in March 2017 (latest data). Solar led with a growth of 72.8% YoY.
  
• For FY17, RE generation grew 25% YoY, representing 6.7% share of all-India generation (up 102bps YoY). Solar grew 82.5% YoY while wind grew 39.3% YoY.
  
• Including RE all-India generation grew 5.8% YoY in FY17.