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Total Installed Capacity Nuclear Hydro Total Thermo RES** 186654.62 122964 4780 38748.4 20162.24
Maharashtra Gujarat Tamil Nadu Andhra Pradesh Uttar Pradesh Karnataka West Bengal Rajasthan Madhya Pradesh Punjab Haryana Orissa Delhi Territory Chhattisgarh
24351.61 17243.98 17599.27 14070.86 16050.75 7056.62 15601.93 10797.28 12415.93 9741.81 12366.73 5675.29 9891.66 9220.19 9500.31 5719.51 8668.7 4805.94 7036.62 3497.11 6198.44 4639.2 5965.14 3732.1 6050.81 5297.13 5309.47 4870.66 4845.6 1595.85 180.31 2303.88 330.61 576.78 1724.7 522.01 327.18 28.05 239.51 165.35 79.1 36.93 71.37 68.14 21.19 100.17 42.41 78.8 30.58 60.05
690.14 559.32 524 275.78 335.72 254.86 92.88 573 273.24 208.04 109.16 0 122.08 47.52 0 95.6 34.08 0 22.28 77 0 0 0 0 17.09 0 0 0 0 0 0 0 8.84 1.98 7.38 0
3331.84 772 2122.2 3734.53 1700.42 3599.8 315.88 1484.8 3223.66 2984.89 1343.18 2166.93 617.12 120 193.26 1881.5 2836.94 200.93 1956.18 1513.03 129.43 429.72 0 229 0 62 75.27 97.57 80.98 34.31 53.32 0 48.74 0 0 0
3085.65 2197.09 6347.93 794.34 637.98 2836.78 262.71 1723 365.86 346.58 106.9 66.11 2.14 258.95 0 149.89 418.96 4.05 144.67 129.33 69.3 27.11 30.05 31.03 0.02 16.01 52.11 78.86 5.45 36.47 28.67 0 0 0 0 5.35
Himachal Pradesh 3470.29 Jharkhand 2508.86 Uttarakhand 2453.74 Jammu and Kashmir 2296.14 Bihar 1,923.43 Assam 978.84 Goa 357.23 Meghalaya 288.08 Pondicherry Territory 256.62 Tripura 243.36 Sikkim 206.48 Arunachal Pradesh 213.36 Manipur 157.8 Mizoram 138.92 Nagaland 103.18 NLC 100.17 Chandigarh Territory 99.99 Dadra and Nagar Haveli Territory80.78 Daman and Diu Territory 37.96 Andaman and Nicobar Islands Territory 65.4
Lakshadweep Territory
10.72
9.97
0.75
Plant Type
Solar Thermal Wind Offshore Solar PV Advanced Coal with CCS Advanced Nuclear Wind Geothermal Advanced Coal Hydro Conventional Coal Biomass Conventional Combustion Turbine Advanced CC with CCS Advanced Combustion Turbine Advanced Combined Cycle Conventional Combined Cycle Natural Gas Fired
18 34 25 85 90 34 92 85 52 85 83 30 87 30 87 87
U.S. Average Levelized Cost for Plants Entering Service in 2016 (2009 USD/MWh) Levelized Variable Fixed Transmiss Capital O&M(includi Total Cost O&M ion Cost ng fuel) 259.4 46.6 0 5.8 311.8 209.3 28.1 0 5.9 243.2 194.6 12.1 0 4 210.7 92.7 9.2 33.1 1.2 136.2 90.1 11.1 11.7 1 113.9 83.9 9.6 0 3.5 97 79.3 11.9 9.5 1 101.7 74.6 7.9 25.7 1.2 109.4 74.5 3.8 6.3 1.9 86.4 65.3 3.9 24.3 1.2 94.8 55.3 13.7 42.3 1.3 112.5 45.8 34.6 31.6 17.9 17.5 3.7 3.9 5.5 1.9 1.9 71.5 49.6 62.9 42.1 45.6 3.5 1.2 3.5 1.2 1.2 124.5 89.3 103.5 63.1 66.1
What is the business model of the industry? Electricity supply to consumers, industry Where does money come from, size of pie? prodn of units of electricity, huge pie Sector Company Growth Competition Product offering Potential of 80000MW, with installed capacity of 24000MW. Northern & NE rivers, Mah rivers main sources. Oligopoly Commodity due to capex barrier, and govt control. Highly profitable at High Few players 50% OM/NM, high duration of dams means low opex costs Mature
Environmental noise on eco-damage Industry threats Regulatory/Legal/Social/Environmental Capped ROE of 14% for power sector Regional/Global Threat None Cyclical/Non cyclical Non-Cyclical Key differentiators None Resistance to: Substitutes could be advancements in solar/radical tech to Technology develop/harness power Fad/trends gen economy India-Demand outstrips supply for forseeable future Resales, repeat sales Long tail? No Comparison with developed economies Utilities have higher P/E in US Brand/Niche None Hidden value (assets, network, cash, land)None Moats(R&D, Network, Brands, Size) Ltd slots to establish units Degree of Leverage? Deleveraged Thorough News check on company/promoters Quality management Clean? Dividends Eq dilution Cost of Scalability Entry Barrier High capex costs Threat of Competition Localised Substitutes Other forms of power, present and unforeseen Pricing Power Set by Govt
led capacity of 24000MW. main sources. Oligopoly trol. Highly profitable at ms means low opex costs
s in solar/radical tech to
forseeable future
Distribution Conversi on of controlled to an energy extent (pricing) by govt from one form to Industry/consume another rs 80 yr old technolo gy Capital ntensive business, low Roe, high duration of initial investme nt Will this company exist and thriveLow Dams last for over 40-50 yrs Labor intensity reqd Impact of new technolo gy on producti on process/ capital neededOther forms of energy develop ed Falling water from a height, coverted and transmitt ed Transfor mers, cement, River (environ mentalis ts) Transpor tation costs,shri nkage & perishabi lity? NA
d unforeseen
What is the business model of the industry? Electricity supply to consumers, industry Where does money come from, size of pie? prodn of units of electricity, huge pie Sector Company Growth Competition Product offering Commodity Growing High Few players Nuclear fusion/fission to generate electricity, capex intensive and huge safety challenges perceived. Single black swan like fukushima can stall progress in entire indsutry Industry NPM, ROE Industry threats Regulatory/Legal/Social/Environmental Social, environmental concerns Regional/Global Threat Cyclical/Non cyclical Key differentiators Resistance to: Technology Fad/trends gen economy Resales, repeat sales Long tail? Comparison with developed economies Developed economies have higher % of nuclear power Brand/Niche contribution Hidden value (assets, network, cash, land) Moats(R&D, Network, Brands, Size) Uses and markets catered to Degree of Leverage? Thorough News check on company/promoters Quality management Clean? Dividends Eq dilution Cost of Scalability Entry Barrier Threat of Competition Substitutes Pricing Power
Raw materials
Supplier/Logistics
Mfg process
Distribution/Retail
% of nuclear power
What is the raw material used? Uranium, Thorium other rare stuff Does it have to be imported?Yes, privy to whims of intl politics Forex impact on raw material prices? Yes
Who are the main suppliers? Countries Number of suppliers and pricing power? few suppliers n High pricing power Transportation costs,shrinkage & perishability? Low shrinkage, high O&M costs
Distribution by T&D
Will this company exist and thrive2 yrs down the line,5 yrs,10+ yrs
ibution/Retail
What is the business model of the industry? Electricity supply to consumers, industry Where does money come from, size of pie? prodn of units of electricity, huge pie Sector Company Growth Competition Product offering Commodity High Consolidated Saturated Running due to lack of better options, old technology and inefficient. Industry NPM, ROE Low Industry threats Regulatory/Legal/Social/Environmental Burning of coal leads to environmental issues Regional/Global Threat Threat of raw material imports Cyclical/Non cyclical Non cyclical Key differentiators None Resistance to: Technology Substitutes could be advancements in solar/radical tech to Fad/trends develop/harness power gen economy Resales, repeat sales India-Demand outstrips supply for forseeable future Long tail? Comparison with developed economies More skewed towards other forms than Coal Brand/Niche None Hidden value (assets, network, cash, land)Land maybe, longshot Moats(R&D, Network, Brands, Size) Size, Eco of scale for ops Uses and markets catered to b2B, B2C Degree of Leverage? Low Thorough News check on company/promoters Quality management Clean? Dividends Eq dilution Cost of Scalability Entry Barrier High Threat of Competition Yes Substitutes Pricing Power Low
s in solar/radical tech to
Raw materials
Supplier/Logistics
Mfg process
forseeable future
Coal or something else that has to be burnt to produce steam Imported sometimes
CIL, other small players Transportation costs,shrinkage & perishability- 8 hrs for live coal, 40 hrs storage
Process is old, fairly simple. Capital intensive, low efficiency Value add in process
Will this company exist and thrive2 yrs down the line,5 yrs,10+ yrs Share should come down?
Mfg process
Distribution/Retail
14 projects, 5300MW
1700MW
412 MW-rampur FY13 HP-850MW,UK-360MW, 26% in 1500MW Implementation-3000 tipamukh, Nepal, Bhutan- MW 2000MW Plan 4000MW by 2018 1800cr 900+cr 700 cr 180+cr
Pan india
N/N.E India
AR Notes
High debt
Scalability Dividend
Low scalabity, high capex to profits, RJ puts it as low Roe biz capped at 14% 2.5-3.5% 3-4% 1%
7000cr 800cr