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NTPC -Key takeaways
NTPC has a current operational capacity of 32,194 MW (including JVs) and has a portfolio
of another 15,700 MW under construction likely to commission by end-FY2014E which
would take the total operational capacity to ~48 GW. The regulated equity base of the
company stands at Rs250 bn. NTPC has a CWIP of Rs370 bn out of which 30% is the
equity contribution.
Management has guided for commissioning of 3,150 MW in FY2011E of which 1,490
MW (including 500 MW Korba Super Thermal Power Station, 490 MW Dadri and 500
MW of Jhajjar) are already operational.
Management has guided for a capex of Rs157 bn in FY2011E and Rs270 bn in FY2012E.
NTPC will sell 15% of power from 500 MW units under construction at Farakka and
Kahalgaon in the merchant market implying a total merchant sale of 150 MW upon
commissioning of these units.
Management has indicated that NTPC has limited risk to state SEBs backing down on
purchase of power (a trend witnessed in last few months) as they would continue to
receive payment linked to availability. Management has highlighted that most of the SEBs
are currently drawing power only to the extent of their financial strength and that has
resulted in some SEBs backing down on purchase.
In terms of payment-related risk from SEBs, management highlighted that their
receivables are under check and have not faced any difficulties in payment. Further, NTPC
has signed additional escrow which gives them the first right on receivables from SEBs.
NTPC has signed PPAs worth 100 GW which includes the PPAs for extant capacities.
Entire 100 GW PPA is on a CERC-determined tariff arrangement thus reducing the
likelihood of NTPC aggressively pursuing competitively bid projects.
NTPC has a portfolio of eight coal mining blocks with geological reserves of 5.7 bn tons,
of which two coal blocks with reserves of 2 bn tons are being developed under a joint
venture with Coal India Ltd (CIL).
For Pakri Barwadih, Kerandari and Chatti Bariatu, NTPC is in advance stages of land
acquisition. Environmental clearances have been received for these mines and
production is expected to commence by FY2012E.
Management has guided for production of 15 mtpa by FY2012E from Pakri
Barwadih.
NTPC plans to attain a peak production of 47 mtpa by FY2017E from all these mines.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
NTPC -Key takeaways
NTPC has a current operational capacity of 32,194 MW (including JVs) and has a portfolio
of another 15,700 MW under construction likely to commission by end-FY2014E which
would take the total operational capacity to ~48 GW. The regulated equity base of the
company stands at Rs250 bn. NTPC has a CWIP of Rs370 bn out of which 30% is the
equity contribution.
Management has guided for commissioning of 3,150 MW in FY2011E of which 1,490
MW (including 500 MW Korba Super Thermal Power Station, 490 MW Dadri and 500
MW of Jhajjar) are already operational.
Management has guided for a capex of Rs157 bn in FY2011E and Rs270 bn in FY2012E.
NTPC will sell 15% of power from 500 MW units under construction at Farakka and
Kahalgaon in the merchant market implying a total merchant sale of 150 MW upon
commissioning of these units.
Management has indicated that NTPC has limited risk to state SEBs backing down on
purchase of power (a trend witnessed in last few months) as they would continue to
receive payment linked to availability. Management has highlighted that most of the SEBs
are currently drawing power only to the extent of their financial strength and that has
resulted in some SEBs backing down on purchase.
In terms of payment-related risk from SEBs, management highlighted that their
receivables are under check and have not faced any difficulties in payment. Further, NTPC
has signed additional escrow which gives them the first right on receivables from SEBs.
NTPC has signed PPAs worth 100 GW which includes the PPAs for extant capacities.
Entire 100 GW PPA is on a CERC-determined tariff arrangement thus reducing the
likelihood of NTPC aggressively pursuing competitively bid projects.
NTPC has a portfolio of eight coal mining blocks with geological reserves of 5.7 bn tons,
of which two coal blocks with reserves of 2 bn tons are being developed under a joint
venture with Coal India Ltd (CIL).
For Pakri Barwadih, Kerandari and Chatti Bariatu, NTPC is in advance stages of land
acquisition. Environmental clearances have been received for these mines and
production is expected to commence by FY2012E.
Management has guided for production of 15 mtpa by FY2012E from Pakri
Barwadih.
NTPC plans to attain a peak production of 47 mtpa by FY2017E from all these mines.
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