INDIAN UTILITIES: All India January 2011 generation up 9.3% YoY: Motilal Oswal

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��


INDIAN UTILITIES: All India January 2011 generation up
9.3% YoY
January 2011 all-India generation was up 9.3% YoY, driven by improved generation from
Coal (up 8% YoY), Hydro (up 18% YoY) and Nuclear power (up 76%YoY). Coal PLF is
down 11bp, given capacity additions of 11GW ytd in FY11. However, PLF has improved
on MoM basis with January 2011 at 80.7% vs 76.1% in December 2010. Hydro generation
reported 18% YoY growth (driven by better than normal monsoons at 102%, plus continued
late rains). Constraints in terms of availability of KG basin gas and poor economics for
imported gas led to 4% YoY fall in Gas fired generation. Private sector reported generation
increase of 27% YoY in January 2011, while Central sector generation is up 6.8% YoY.

During January 2011, APL reported robust PLF of 91% for 1,320MW of capacity and is
yet to announce commercial operations of 660MW at Mundra. JSW Energy has seen
uptick in PLF for all its plants, particularly Ratnagiri 600MW (76% vs 61.6% in December
2010) and Rajwest 270MW (at 81.3% vs 69.8% in December 2010). NTPC's generation
was stagnant YoY, but up 7.3% MoM. Gas based generation for NTPC was down 7%
YoY in January 2011. Jindal Power maintained 101% PLF; while Sterlite Energy 1,200MW
operated at PLF of ~6%