13 October 2010

Motilal Oswal on Indian Power: All India September generation up 1% YoY, hydro generation up 16%

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All India September generation up 1% YoY, hydro generation up 16%

September 2010 all-India generation was up just 1% YoY, partly driven by better than
normal monsoons (102% of long term period average) which resulted in lower water
consumption for irrigation and lower industrial demand. While hydro power generation is
up 16% YoY, thermal generation is down 3% YoY. Higher hydro generation is expected to
boost incentives for hydro power projects (NHPC generation for 2Q up by 9% YoY).
During September 2010, JSWEL commissioned 300MW at Ratnagiri and also 135MW
unit 2 at Raj West. Also, the PLF of Rajwest Unit 1 improved to 63% and the plant had
been witnessing initial operational issues. Adani Power’s Unit 1 had undertaken maintenance
shutdown impacting PLF, while Unit 3 commissioned in August 2010 reported healthy
PLFs. NTPC’s 2QFY11 generation was up 3.5% YoY. Jindal Power’s PLF in Sept 10
stood at 77%, given the maintenance shutdown.

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