Power Generation December 2010 Updates from Motilal Oswal

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All India December 2010 generation up 5.5% YoY, thermal PLF continues to decline, NTPC reports muted generation growth

December 2010 all-India generation was up 5.5% YoY, driven by improved generation from Thermal (up 4% YoY) and Nuclear power (up 64%YoY).

Hydro generation was up 5% YoY (driven by better than normal monsoons at 102%, plus continued late rains).

Thermal coal based power plants, which contribute 84% of the total generation, reported PLF of 76.1% (down 286bp YoY), given constrained demand.

For Dec 2010, private sector reported generation growth at 26% YoY, while Central and state sector reported growth of 3.7% YoY and 2.5% YoY respectively.

For the nine months ending Dec 2010, private sector has reported generation increase of 27.4% YoY, and central sector by 7.6% YoY.

During December 2010, APL synchronized 660MW at Mundra, JSW Energy synchronized 300MW (Unit-II) at Ratnagiri, etc. In 3QFY11, NTPC reported muted generation growth at 0.8% YoY, despite addition of 2GW of capacity over past 1 year (Installed capacity is up YoY by 6.6%). Jindal Power has reported generation growth of 8% for 3QFY11.