Power Reforms pick up pace… :: ICICI Securities PDF link

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Reforms pick up pace…
Generation increased only 3.8% YoY in September 2014 as growth
across hydro and nuclear segments was partially offset by lower YoY
generation across the gas segment while the coal segment reported
moderate growth due to a fall in demand. Plant load factors (PLFs)
declined across all segments barring hydro and nuclear plants. Both base
and peak deficits declined MoM due to lower demand. Accordingly, the
merchant rate declined in September 2014. While the sector continues to
face constraints in terms of 1) fuel availability and pricing, 2) environment
clearances and 3) SEB’s financials, the recent initiatives taken by the
government like Coal Ordinance 2014, fixation of gas price, fast tracking
of project clearances, etc. will unblock the policy logjams for the sector.
The top picks in our coverage universe are NTPC and Power Grid

LINK
http://content.icicidirect.com/mailimages/IDirect_PowerMonthly_Oct2014.pdf