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March PLF data - imported coal based projects
continue to outshine domestic fuel peers
• In March, imported coal based plants continued to score over peers
using domestic coal. Adani's Mundra (1,980MW), JSW's Vijaynagar
(860MW), and RPWR's Rosa (600MW, blending imported coal) reported
>85% PLFs, maintaining their Feb run-rate. Lanco’s Amarkantak
(600MW @ 66%) and Udupi (600MW @ 60%) failed to show a pick up,
and were impacted by delay in offtake agreement and evacuation issues,
respectively. JSWE’s Barmer (270MW) which has improved from its
early days, is still <60%. NTPC, which is largely dependent on linkage
coal, reported 94% PLF for its coal capacity, owing to fuel supply
agreements in place.
• Gas availability from KG-D6 and therefore PLFs remain a concern:
March continued to be a weak month. Lanco’s Kondapalli recorded ~68%
PLF (down 240bps mom); GVK’s plants showed improvement mom yet
<80% level. NTPC’s 4GW capacity generated ~72% PLF. GMR was the
only exception with Kakinada plant (220MW) now operating at 100% and
the other two plants operated at ~85%.
• The quarter as a whole saw sharp improvement for: (1) RWPR (87%
vs. 54% in 3Q): with Rosa blending imported and e-auction coal to meet
shortfall from linakge coal (2) GMR’s gas based plants: (65-82% vs. 38-
76% in 3Q) with the re-location and resumption in production of Kakinada
plant. (3) NTPC: Coal based plants with a ~600bps improvement qoq to
92%, while production at gas based plants also improved qoq, albeit still at
72%. vs. 83% a year ago. (4) Adani: (89% vs. 85%) despite Mundra-III
(660MW) being commissioned only in March, implying >90% PLF for
Mundra I&II (1,320MW).
• 4Q to be seasonally weak for hydro. JPVL will typically show higher
PLFs from Apr-Sept. The March-q was a weak one with only ~15% PLF.
• As expected, beaten down names in the IPP space (Lanco, JPVL,
JSWE) have seen a bounceback with improving market sentiment. We
continue to have fundamental concerns on fuel availability, SEB exposure
and execution. We prefer the fuel-immunes like TPWR (OW) and PWGR
(OW), and strong execution plays like Adani (OW)
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Know Your Power
March PLF data - imported coal based projects
continue to outshine domestic fuel peers
• In March, imported coal based plants continued to score over peers
using domestic coal. Adani's Mundra (1,980MW), JSW's Vijaynagar
(860MW), and RPWR's Rosa (600MW, blending imported coal) reported
>85% PLFs, maintaining their Feb run-rate. Lanco’s Amarkantak
(600MW @ 66%) and Udupi (600MW @ 60%) failed to show a pick up,
and were impacted by delay in offtake agreement and evacuation issues,
respectively. JSWE’s Barmer (270MW) which has improved from its
early days, is still <60%. NTPC, which is largely dependent on linkage
coal, reported 94% PLF for its coal capacity, owing to fuel supply
agreements in place.
• Gas availability from KG-D6 and therefore PLFs remain a concern:
March continued to be a weak month. Lanco’s Kondapalli recorded ~68%
PLF (down 240bps mom); GVK’s plants showed improvement mom yet
<80% level. NTPC’s 4GW capacity generated ~72% PLF. GMR was the
only exception with Kakinada plant (220MW) now operating at 100% and
the other two plants operated at ~85%.
• The quarter as a whole saw sharp improvement for: (1) RWPR (87%
vs. 54% in 3Q): with Rosa blending imported and e-auction coal to meet
shortfall from linakge coal (2) GMR’s gas based plants: (65-82% vs. 38-
76% in 3Q) with the re-location and resumption in production of Kakinada
plant. (3) NTPC: Coal based plants with a ~600bps improvement qoq to
92%, while production at gas based plants also improved qoq, albeit still at
72%. vs. 83% a year ago. (4) Adani: (89% vs. 85%) despite Mundra-III
(660MW) being commissioned only in March, implying >90% PLF for
Mundra I&II (1,320MW).
• 4Q to be seasonally weak for hydro. JPVL will typically show higher
PLFs from Apr-Sept. The March-q was a weak one with only ~15% PLF.
• As expected, beaten down names in the IPP space (Lanco, JPVL,
JSWE) have seen a bounceback with improving market sentiment. We
continue to have fundamental concerns on fuel availability, SEB exposure
and execution. We prefer the fuel-immunes like TPWR (OW) and PWGR
(OW), and strong execution plays like Adani (OW)
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