power sector opportunities
TRANSCRIPT
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Power Sector - Opportunities
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Agenda
Evolution of the Indian Power Sector
Industry Structure and Present Scenario
Thermal Power Projects
Hydro Power Projects
Renewable Energy Projects
Transmission
Distribution
Conclusion
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Evolution of the Indian Power Sector
Industry Structure and Present Scenario
Generation - Thermal Power Projects
Generation - Hydro Power Projects
Generation Renewable Energy Projects
Transmission
Distribution
Conclusion
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Earlier Structure and Liberalisation
Introduction of Independent Power Producers (IPPs)
Facilitated Private Participation in Power sector
Foreign ownership up to 100% was allowed
Facilitated tapping of domestic and foreign capital markets, provided assured returnson investment and reduced legal hassles to allow the private investors to set-upgeneration capacities or operate as licensee in distribution segments, which werehitherto a monopoly of the SEBs
Development of the power sector has traditionally been the responsibility of theCentral & State Utilities
Govt. utilities (SEB) monopoly buyers
Poor financial health of SEBs mainly due to Low tariff & High commercial losses (theft)
Minimal Participation by Private Sector
Earlier Structure failed
Liberalised policy (post 1991)
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Post-liberalisation Developments
1991
Competitive
Bidding
Guidelines /
UMPPsElectricity
Act 2003CERC &
SERCs set
upMega
Power
Policy
Liberalisation
National
Tariff
policy
National
Hydro
Policy
1995
1998
2003
2005
2006
2008
Introduced
Open Access
Revised
Mega
Power
Policy
2009
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Mega Power Policy
Mega power projects are entitled to several concessions and benefits, such as
Exemption from customs duty on imports of equipment Refund of terminal excise duty paid by various domestic supplier on supply of equipments and
material based on Deemed Export Benefit
- In order to qualify for the mega power project status power to be sold to more than one state
and thermal power projects would have to have power plant of a capacity of 1,000 MW or
more located in states other than Jammu & Kashmir and NE states
The power purchasing States have constituted the Regulatory commission with full powers to fixtariffs;
The power purchasing States shall undertake to carry out distribution reforms as laid down by
the Ministry of Power.
Modification to the Mega Power Policy* (2009)
The existing condition of privatization of distribution by power purchasing states has
been replaced by the condition that power purchasing states shall undertake to carry
out distribution reforms as laid down by the Ministry of Power.
The conditions requiring inter-state sale of power for getting mega power status has
been removed.
*Another round of modification is being discussed, to be announced shortly.
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Electricity Act 2003
Encouraging investment by introducing competition and reforming distribution
Reduction in entry barriers by:
Delicensing generation
Freedom to the captive generation and group captives
Recognition of trading as separate activity
Introduction of Open Access
Open access to consumers consuming more than 1 MW by January 2009; Multiple licenses in distribution;
Setting up of regulatory commission to fix tariff and develop the sector
Independent Regulatory Commissions in the States as well as in the Center
Freeing up of thermal generation from the requirement of any prior approvals/
license
Full freedom for setting up captive power plants including group captive plants
Competitively bid generation tariffs to be accepted by Regulatory Commissions.
Power purchase costs of customers availing open access to be market determined.
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Competitive Bidding Guidelines
Objective To ensure competitive tariffs, financial turnaround and commercial
viability of state utilities and providing electricity at reasonable rate
Opening the sector for private sector participation by introducing competitive
bidding as the basis for all future projects (except for Central & State Utilities)
Enforcing adoption of multi-year tariffs by all regulatory commissions
Tariff benchmarks discovered through competitive bidding has primarily replaced
the cost-plus method of tariff determination with effect from January 2011 Case 1: Plant location & Fuel independent
Tariff in recent bids in Noida have been bid at Rs 4/unit
Recent bids in Rajasthan, Maharashtra, Gujarat have been upwards of Rs 3/unit
Adani Power bid Rs 3.25/ unit in Rajasthan; Adani Power, Indiabulls & GMR bid Rs 3.3/unit, Rs
3.27/unit and Rs 2.88/unit resp. in Maharashtra
Case 2: Plant location and Fuel type fixed
Recent long term tariffs determined via Case 2 have also been around Rs 3/unit
Many states have taken up the Case 2 bidding route for meeting their power requirements
Some recent Case 2 bids won are: Jaypee groups winning bids of Rs 2.97/unit and Rs 3.02/unit
for Karchana and Bara project in UP, and L&Ts Rs 2.89/unit bid for Rajapura project in Punjab
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Evolution of the Indian Power Sector
Industry Structure and Present Scenario
Generation - Thermal Power Projects
Generation - Hydro Power Projects
Generation Renewable Energy Projects
Transmission
Distribution
Conclusion
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Industry Structure
State Sector
Generation
Central Sector Private Sector
SEBs, GENCOs NTPC, NHPC,
NPCIL, DVC,
Neyveli Lignite
Torrent, Essar,
Reliance,Tata, GMR,
Jaypee, GVK, Jindal,
JSW, Lanco, Adani
PGCIL
Inter State
Transmission
Intra State
Transmission
Trading
SEBs, TRANSCOs
PTC, Tata, NTPC,
Adani, Reliance, GMR
Distribution SEBs, DISCOMs Reliance, TATA,
CESC, Torrent
Policy &Regulation
Ministry of Power / *Central Electricity Authority / Central & StateElectricity Regulatory Commissions
*CERC is the regulatory body for matter related to tariff and other issues whereas CEA is the
authority related to technical matters and overall planning
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Power Scenario in India
0
500
1000
1500
2000
2500
3000
1991 2001 2005 2006 2008 2010 2012 World
Per Capita consumption of Power
1991 2001 2005 2006 2008 2010 2012 World
Total installed capacity as on
December 2011 is 1,86,655
MW
Thermal (Coal + Gas + Diesel):
122,964 MW (67% of total)
Hydro: 38,748 MW (21% of total)
Nuclear: 4,780 MW (3% of total)
Renewable: 20,162 MW (11% oftotal)
Per capita consumption in
India is low at 733 kWh as
compared to Chinas 2,180
kWh, USAs ~13,000 kwh and
current world average at 2,750kWh
Under its Power for all by
2012 initiative GoI aims to
increase Indias per capita
consumption to 1,000 kWh
As on December 11
Coal , 56%
Gas, 10%
Diesel,
1%
Nuclear, 3%
Hydro, 21%
Renewable
11%
Installed Capacity (MW)
Coal
Gas
Diesel
Nuclear
Hydro
Renewable
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1)SVL TPP, U-1 (63 MW) of SV Power Ltd. has beencommissioned successfully (i.e. Achieving of full load) on
07-12-2011
2) Kasaipalli TPP , U-1 (135 MW) of ACB India Ltd. has
been commissioned successfully (i.e.Achieving of fullload) on 13-12-2011
3)Sipat St-1 STPP, U-2 (660 MW) of NTPC Ltd. has been
commissioned successfully ( Full load) on 24-12-11
4) Coal based Rosa TPS, U-3 (300 MW) of Rosa PowerSupply Company Ltd has been commissioned successfully
( Full load) on 28-12-2011
UNITS COMMISSIONED, DURING DECEMBER. 11
12
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The total electricity
generation in the countryincreased from 558 Billion
Units (BU) during 2003-04 to
788 BU during 2010-11
However, the Deficit is still
high at:
Energy Deficit: 8.5%
Peaking Deficit: 9.8%
Deficit still at high levels due
to
Slow capacity addition owing to
delay in equipment supply
Heavy congestion on
Transmission corridors
Huge AT&C losses in
distribution sector around
27% at national level.
Power shortages remain high
0
20
40
60
80
100
0
15,000
30,000
45,000
60,000
75,000
90,000
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th
Sluggish historical performance
in 5-yr plans
Target Achieved % Shortfall
0%
5%
10%
15%
20%
0
200
400
600
800
1000
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11
Bn
units
Demand-Supply
Demand Supply %Shortage %Peaking Shortage
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Power: Key Sector for Investment
Targeted generation capacity addition
for the 11th Five Year plan is 78,577
MW
Till December 2011, approx. 45,927
MW (59.39% of planned capacity) has
already been commissioned and
around 63,000 MW of total capacity
is expected to be commissioned by
2012 with high level surety.
Hydro, 15627
Nuclear, 3380
Coal, 52850
Gas, 6843
Thermal
76%
11th Plan: 78,577 MW to be added
Year Target (MW) Achieved (MW) Achieved (%)
2007-08 16,335 9,263 56.71%
2008-09 11,061 3,454 31.23%
2009-10 14,507 9,585 66.07%
2010-11 21,441 12,160 56.71%
2011-12* 13,989 11,465 81.96%
*As on December 2011
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Punjab, Rajasthan, Haryana, Delhi
Maharashtra and Andhra Pradesh
have been among the top buyersof the traded power
Presently there are two power
exchanges in India namely Indian
Energy Exchange (IEX) and Power
Exchange of India (PXIL). The total
number of power trading license
holders in India as on March 2010
is 45.
High Volume of Power is Trading in
price band Rs 4-6/unit in recent
years
From 2012-2017, huge peak
shortage and capacity shortfall will
lead to rise in merchant tariffs
Power Trading & Merchant Tariffs
0%
1%
2%
3%
4%
5%
0
5
10
15
20
25
30
35
40BUs
Increasing Power trading volumes
Traded Power (BUs)
Traded Power as % of Generated
4.16
7.046.37
7.57
5.73
6.89
4.99
0
2
4
6
8
2007 2008 2009
Price of Short term Transactions
Traders Power Exchanges UI
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Generation Capacity in US
US and India
Coal , 30.06%
Gas, 41.31%
Nuclear,9.37%
Oil, 5.49%
Hydro, 8.67%Other, 5.10%
Coal
Gas
Nuclear
Oil
Hydro
Other
Fuel Type Capacity in MW
Coal 342,296Gas 470,344
Nuclear 106,731
Oil 62,504
Hydro 98,742
Other 58,021
Total 1,138,638
As on December 2010
Coal , 56%
Gas, 10%
Diesel,
1%
Nuclear, 3%
Hydro, 21%
Renewable
11%
Generation Capacity in India
Coal
Gas
Diesel
Nuclear
Hydro
Renewable
Fuel Type Capacity in MW
Coal 1,04,021
Gas 17,743
Nuclear 4,780
Oil (Diesel) 1,200
Hydro 38,748
Other 20,162
Total 186,655As on December 2011
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197
276
387
543
762
206
303
445
655
962
215
331
510
785
1207
0 200 400 600 800 1000 1200 1400
2011-12
2016-17
2021-22
2026-27
2031-32
Installed Capacity in GW
Capacity addition by 2030: MoP
9% GDP
8% GDP
7% GDP
States like UP, Haryana, Bihar, Gujarat, Maharashtra faced huge peak deficit and this is
likely to continue in future if capacity addition is not made on time.
Indian Power Sector: Future Target
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To achieve the 11th and 12th Plan target, the required rate of capacity
addition to be ~5 times the present rate.
A total of about Rs. 650,000 Crore would be required by generation
segment alone during the 12th plan period.
Traded power volumes have grown at the CAGR of 59% and short term
power are being traded in Rs. 4-6 /kWh
Imported coal requirement will rise in future
Gas based plants will increase in number subject to timely availability of
domestic natural gas from various fields under development.
Future Outlook
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Evolution of the Indian Power Sector
Industry Structure and Present Scenario
Generation - Thermal Power Projects
Generation - Hydro Power Projects
Generation Renewable Energy Projects
Transmission
Distribution
Conclusion
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Overview of Thermal Power
Thermal
Coal
Imported
Domestic
Captive Coal
Linkage Coal
Gas
Domestic
R-LNG
Oil
Key source of power in India with around 66% of installed Capacity contributing more
than 70% of the units produced
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Key Challenges Thermal Power Projects
Land Acquisition Issues and procedural delays
Agricultural Land
Land
Domestic Coal Availability Volatile markets for Imported Coal
Changing regulations in source countries (Indonesia / Australia)
Domestic Gas Availability
High costs of R-LNG
Fuel
Environmental Clearance
Forest Clearance (Go / No-Go Areas for Coal)
Clearances
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Large Coal Reserves are available in
Orissa, Jharkhand & Chhattisgarh.
Majority of the proven reserves has
is of the Low Grade Non-Coking Coal
suitable for power generation.
Reserves in Mn tons
Balance : Total reserves minus that given out as captive allocation and expectedrequirement for linkages upto 2012
Fuel supply scenario: Coal Reserves in India
Depth (m) Proved Indicated Inferred Total % share
0-300 82,771 65,784 13,760 1,62,315 60.7%
300-600 7,661 45,453 18,105 71,219 26.7%
0-600 (for Jharia only) 13,710 502 0 14,212 5.3%
600-1200 1,678 11,730 6,056 19,464 7.3%
Total 1,05,820 1,23,469 37,921 2,67,210
Category-wise & Depth-wise Resources as of Apr 2009
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India is the 3rd largest producer of coal in the world after China and USA
Coal caters to 53% of the total countrys energy needs
Domestic coal pricing is regulated by Ministry of Coal
Coal India Ltd. produces around 80% of the total coal in the country.
power sector is the major consumer of coal, consuming approximately 73% of the coal
produced. In 2009-10, approximately 88% of the coal consumed was from domestic
production and around 12 % was imported.
Coal Production & Imports
347.1 375.5398.7 422.6
459.6 487.8
1222
25 28
3544
11%
7% 6%
10%
8%
0%
5%
10%
15%
0
200
400
600
FY05 FY06 FY07 FY08 FY09 FY10
Million tonnesCoal Production
Production (Mn MT) Imports (Mn MT) % Change
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Fuel supply scenario : Natural Gas
Sector Total (Firm+Fall
back (MMSCMD)
Power 43.17
Fertilizer 15.51
CGD 2.83
Steel 4.19
Refineries 11.00
Petrochemicals 1.918
LPG 3.00
Captive Power 10.00
Total 91.61
Gas Allocation from RILs KG D-6
Going forward, natural gas supply in the country is expected to increase due to production
from RILs KG D6 field, KG basin satellite fields, NEC field; GSPCs KG Block, ONGCs KG block
and Mahanadi field and upcoming and expansion of LNG facilities
Projected Gas Supply
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Financing Options
Rupee term Loan
Most widely used source of financing SBI is at the forefront of RTL financing
NBFC
IDFC, PFC, IL&FS, REC has been actively participating in funding of
Power Projects
ECA
EXIM Banks financing the export of equipment
KEXIM funding for Mundra UMPP
BoC recently sanctioned ECA facility for Sasan UMPPs
External Commercial Borrowing (ECB)
Funding via ECB route permitted
However, issues related to tenor / project risks has led to lessparticipation
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Key Risks & Mitigation
Risk Mitigation
Fuel Availability Conditions Precedents to Drawdown Timelines for fuel arrangement (Including transportation & handling) Adjustment of Debt Equity vis--vis increased fuel costs impact
Land Acquisition
R&R issues are extremely important Can lead to considerable delays if not addressed adequately Conditions Precedent for main plant, ash pond and green belt
Approvals/
Clearances
Environment / Forest / Coastal Regulation Zone/ Pollution Control asconditions precedent
Off-take risk Long term power purchase agreements crucial Minimum Quantum for long term tie-up to be assessed
Cost overrun/Delays Fixed price lump sum construction contracts with adequate LDs preferred Cost overrun undertaking by promoters
Performance Adequate Liquidated Damages / Rectification clauses in contracts
Evacuation Assessment of available transmission network Adequate stipulations to cover evacuation risks
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Ultra Mega Power Projects
Ministry of Power (MOP) initiated UMPP Process
MoP, CEA and Power Finance Corporation working together for developmentof seven ULTRA MEGA POWER PROJECTS under tariff based competitive
bidding route
Awarded on Build, Own and Operate (BOO) basis
Capacity of 4000MW each with scope of further expansion at Pithead or
Coastal Locations Faster Capacity Addition with Crashed Timelines
Lower Pollution on account of more efficient technology
Economies of Scale and Availability of Power at Cheaper Rate
Bid Process: Three stage bid process EoI, Request for Qualification and Request for Participation
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Ultra Mega Power Projects
Projects Envisaged (Pithead as well as Imported Coal Based)
4 Awarded:
Coastal Gujarat Power Limited , Mundra (Gujarat)
Transferred to Tata Power Limited in April 2007.
Levellized Tariff : Rs. 2.26 per Unit.
Financial Agreement Signed in April 2008.
Sasan Power Limited, Sasan (Madhya Pradesh)
Transferred to Reliance Power Limited in August 2007 Levellized Tariff : Rs. 1.196 per Unit.
Financial Agreement Signed in April 2009.
Coastal Andhra Power Limited, Krishnapatnam (Andhra Pradesh)
Transferred to Reliance Power Limited in January 2008.
Levellized Tariff : Rs. 2.33 per Unit. Jharkhand Integrated Power Limited, Near Tilaiya Dam (Jharkhand)
LOI Awarded to Reliance Power Limited in February 2009.
Levellized Tariff : Rs. 1.77 per Unit.
2 in Bid Stage: Bedabahal, Sarguja
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Evolution of the Indian Power Sector
Industry Structure and Present Scenario
Generation - Thermal Power Projects
Generation - Hydro Power Projects
Generation Renewable Energy Projects
Transmission
Distribution
Conclusion
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Development of Indian Hydropower Sector
1897
Sidrapong Hydel Power Station, Darjeeling
(Oldest Hydel Power Plant in India)
1991
Private Sector Participation inGeneration
1998
Policy on HydropowerDevelopment
CEA Vision Document &Ranking of Schemes totaling
1,07,000 MW
20012003
PMs 50,000 MW
Hydroelectric Initiative100% foreignparticipation
1992
Inter Institutional Group
comprising SBI, ICICI, LIC, IDBI, IDFCformed
2004
2005
Guidelines for determination ofTariff based on competitive
bidding
Guidelines for development by
Private developers
New Hydro Policy
2008
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Hydropower constituted 37,567 MW (21%)
Public sector has predominant share of ~96% State sector: 73% / Central sector: 23% / Private Sector: ~4%
Hydro resources predominantly located in northern and north-eastern part of country
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
1956
1961
1966
1969
1974
1979
1980
1985
1990
1992
1997
2002
2007
2010
Percentage
Installed
Capacity
Growth of Hydropower
Hydro Capacity (MW) Total Capacity (MW) Share of Hydro (%)
Low hydro-thermal mix in India
Share of Hydropower in the total installed capacity decreasing (from over 40% in 1960-61 to
around 22% at present)
Overview of Hydropower in India
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India ranks fifth in the world in terms of usable hydro potential
Economically exploitable potential assessed at 84,044 MW at 60% load factor(corresponding to an installed capacity of ~149,000 MW)
Additionally, total pumped storage capacity assessed at 94,000 MW
RegionFeasible Installed
Capacity (MW)
Developed
Capacity (MW)
Balance
Potential (%)
Northern 53,405 13,623 74%
Western 8,928 7,447 17%
Southern 16,446 11,260 32%
Eastern 10,965 3,882 65%
North-Eastern 58,956 1,116 98%
Total 148,700 37,328 75%
Source: CEA
Potential of Hydropower in India
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Longer gestation period and capital intensive nature of the projects
Dearth of good contractors for construction Inter-state aspects (incl. issues regarding common river systems)
Environmental impact and rehabilitation issues
Valuation of forest land based on net present value
Law and order problems (have affected projects such as Dulhasti, Upper Sindh, Doyang
and Dhansiri)
Land acquisition problems (have seriously affected Thein Dam, Doyang, Ghatgar)
Geological surprises
Inadequate power evacuation facilities
Lack of private sector interest
Tariff and regulatory issues (free power to state and cost plus approach)
The barriers above pose higher risk, which is detrimental to private sector participation
Challenges in Hydropower development
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Review by the Standing Committee on Energy, identified following project types
for private participation: Extension projects where dam & major structures have already been constructed
Projects at the toe of existing dams
Run-of-river schemes involving minimum underground works
Government Initiatives:
Prime Ministers 50,000 MW Hydroelectric Initiative Streamlining of clearance procedures, provisions of open access and trading as per
Electricity Act 2003
guidelines for the development of hydropower project sites by private developers
PFC is giving loans to private projects for up to 70% of the project cost with max
repayment period of 20 years with moratorium for construction period + 6 months
MOP constituted inter-institutional group of FIs with an objective to expedite financialclosure of private sector generation projects and to address last-minute issues
impeding project development and financing
MOP has also issued guidelines for tariff based bidding
GoI initiatives - Encourage private sector
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Uttarakhand
Projects are allocated for initial period of 45 years on a BOOT basis
Developers of the project have the right to sell the power outside the state No guarantee for purchase of power by state agencies
12% of electricity generated is to be made available free of cost to the state
Sikkim
State Govt has formed the Sikkim Power Development Corporation Ltd (SPDCL), to
facilitate JV projects between a private developer and government 12% of electricity generated to be made available free of cost to the state
For JV projects Govt participation ranges from 10% to 49%
State initiatives - Encourage private sector
Himachal Pradesh
Projects up to 100 MW via MoU route and those above 100 MW via ICB route No clearances from CEA for projects, upto Rs 2,500 crores, selected on ICB basis
Premium on peak power
100% foreign equity permitted on the automatic approval route provided it exceed
Rs1,500 crores
Also for projects above 100 MW installed capacity, the government has reserved the right
of equity participation up to 49% on a selective basis.
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Nepal
Four hydro schemes Implemented with Indias technical and financial assistance -
Pokhra, Trisuli, Western and Gandhak and Devighat
PTC nominated as nodal agency to deal with matters relating to power exchange
The bilateral exchange of power presently at a level of 50 MW
Three major multi-purpose projects in Nepal presently under discussion Karnali
(10,800 MW), Pancheshwar (5,600 MW), and Saptakoshi (3,000 MW)
Bhutan
Chukha hydropower project (336 MW) is the 1st Joint Venture between India and
Bhutan. About 84% of energy generated from Chukha plant is exported to India
Kurichu Hydroelectric Project (60 MW) implemented with Indian assistance
Tala Hydroelectric Project (1020 MW) the biggest joint project between India and
Bhutan. Entire Power is being supplied to India
DPRs of Wangchu (900 MW) and Bunakha (180 MW) have also been prepared
India has agreed to provide assistance for development of Mangdechhu (360/600
MW) and Punatsangchhu (870/1000 MW)
Regional Cooperation with Neighboring Countries
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Plant Load Factor(dependent on water
flow of river)
Plant Load Factor
dependent on
water flow of river
Potential for
secondary energy
Peaking
Cost & Reliabilityfactors
Tariff Rates
State Policies (for
merchant sales)
Reliable Surveys
Access to Site
Availability of
Evacuation
Arrangements
Technical Aspects
Overrating to tap
excess flows
Availability of land
& Govt support for
acquisition
Environment and
other clearances
Regulatory Aspects
R&R issues
Investors Perspective
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Rupee Term Loan
Most widely used source of financing
World Bank
10 hydropower schemes funded since 1980. Upper Indravati (600 MW),
Indira Sarovar (500 MW), Sardar Sarovar (1,450 MW), Nathpa Jhakri (1,500
MW), Lower Periyar (180 MW), Kalinadi River (270 MW), Gerusoppa (240
MW), Srinagar (330 MW), Koyna IV (1,000 MW)
IFC has funded 2 hydro projects in India - Allain Duhangan Hydro Project
(carbon finance) and CF IHDC (small hydro)
IREDA (Indian Renewable Energy Development Agency)
Kotla Hydro Power Private Ltd, Punjab: Debt financed by IREDA through the
World Bank 2nd line of Credit
Financing Options
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ECA/Bilateral
OECF/JBIC have approved 28 soft loans for hydropower projects since 1978
incl. Srisailam Left Bank (900 MW), Dhauliganga (280 MW), Purulia (900 MW),
Nagarjunasagar (960 MW), Teesta Canal (67.5 MW), Tuirial (60 MW), Ghatghar
(250 MW)
DFID (former ODA) and SIDA funded the Uri I HEP (480 MW)
CIDA has granted loans for Idukki (780 MW), Lower Periyar (182 MW), and
Kuttiyadi (75 MW)
KFW has approved export credits for Nathpa Jhakri (1,500 MW) and Tehri
(1,000 MW)
Hermes covered contracts for Baspa II HEP (300 MW)
NBFC
PFC is funding private projects for up to 70% of the project cost with 20 yrsmax repayment period with moratorium for construction period + 6 months
Teesta III (1200 MW) and Teesta IV (360 MW) promoted by Teesta Urja and
Lanco respectively.
Financing Options
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Structuring repayments to match
generation profile
Adequate cost over run undertaking
from promoters
DSCR in range of 1.3 to 1.5
Structuring mechanisms for sharing
potential upsides (secondary energy
and CDM benefits)
Assessing project viability at 90%
dependability (primary energy)
Assessing seasonal flow variation
and peaking capability
Secondary Energy and overrating as
upsides
CDM benefits for plants above 25
MW highly unlikely
Key considerations for financing
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Risk Mitigation
Construction Only established developers with proven track record supported. Same is
given high weightage during award/ financing
Rehabilitation &
Resettlement
R&R issues are extremely important Can lead to considerable delays if not addressed adequately
Off-take risk Long term power purchase agreements crucial Projects with dam/pondage can act as peaking stations
Cost overrun/
Delays
Fixed price lump sum construction contracts with adequate LDs preferred Cost overrun undertaking by promoters
Approvals/
Clearances
Implementation agreement, Environment Clearance / forest clearancefrom MoEF - levied as conditions precedent
Seasonal Variation Repayments structured as per the projected variation and water flows Financing done at P90 / P75 dependability
Geological
Uncertainties Sound DPR and extensive site surveys required to be carried out
Key Risks and Mitigation
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Evolution of the Indian Power Sector
Industry Structure and Present Scenario
Generation - Thermal Power Projects
Generation - Hydro Power Projects
GenerationRenewable Energy Projects
Transmission
Distribution
Conclusion
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0 20000 40000 60000 80000 100000
Solar Power
Waste to EnergyBiomass
Cogeneration - Bagasse
Small Hydro Power
Wind Power
Installed Capacity Potential Capacity
Source: Ministry of Power, Jan 2010
Renewable Energy Potential in India
10% of Indias installed capacity is through renewable sources
Significant Potential for Solar Power in India
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Location specific potential
Seasonal and Time of the Day variation
Technology Risk
Prevalent Build-Transfer-Operate model (for wind projects)
Accelerated Depreciation Benefits
Generation Based Incentive
Availability of Carbon Emission Reduction
Renewable Purchase Obligations
Proposed Renewable Energy Certificates
Unique studies like ornithological studies to be carried out in wind
Salient aspects of Renewable Energy
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Benefits Zero cost of fuel and low O&M Cost
Short gestation period
Clean energy with no adverseenvironmental effects
Opportunities
Indias wind power potential~48.5 GW
Planned Capacity addition
11th Plan ~ 10,500 MW
12th + 13th Plan ~ 22,500 MW
India has 7,000 km long coast-line withimmense off-shore wind energy potential
Global majors like Areva, Siemens and GEare queuing up to explore off-shoreopportunities
India ranked 5th globally with installed capacity ~ 11,807 MW (Mar 31, 2010 )
Wind energy share in Indias total installed power generation capacity ~ 7 %
Overview of Wind Power in India
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Incentive of 50 paisa /unit supplied
To be availed within a period of 10 years after commissioning with acap of Rs 62 lakhs per MW, with disbursements not to exceedRs.15.50 lakhs/MW/annum during the first four years
Maximum capacity limited to the 1st 4000 MW installed upto March
31, 2012
Generation Based incentive
Accelerated depreciation (80 %) on Written Down Value (WDV) basisfor wind mills
Accelerated Depreciation
Tax holiday available to an undertaking which begins to generate
power before March 31, 2012
Tax Holiday
Central Govt.
shall releaseFunds for GBI
as advance to
IREDA to
ensure timely
release offunds to the
projects
Policy Incentives
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Rupee term Loan
Most widely used source of financing SBI is at the forefront of RTL financing First non recourse debt financing for a wind project done through RTL
External Commercial Borrowing
Funding via ECB route permitted
ECB funding in power sector in India has reached USD 1.5 bn in the half yearended Sep 2010
NBFC
Active in the Wind Sector
IDFC, IL&FS, REC, IFC etc have participated in Debt and Equity funding ofWind Energy Projects
ECA
EXIM Banks financing the export of equipment
DEG granted a long-term loan of 15.3 million euros to Bhoruka PowerCorporation Ltd. (2010) in Karnataka
Financing Options
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IREDA
To give financial support to specific projects and schemes for generatingelectricity and / or energy through new and renewable sources andconserving energy through energy efficiency.
Nodal Agency: Implementation of Generation Based Incentive andAccelerated Depreciation scheme
ADB
Rs 352 Crores to Tata Power Company Ltd. for projects in Maharashtra(2007) 100 MW (Facilities at Ahmednagar & Dhulia)
Rs 445 Crores to Gujarat Paguthan Energy Corporation (GPEC) for projectsin Gujarat and Karnataka totaling 183 MW (2008)
World Bank and IFC 37 MW wind project in India with a loan of $33 million for MSPL (16.2MW,
Kutch, Gujarat & 20.4MW, Karnataka)
Karnataka Wind Power Carbon Finance Project for Acciona (2009)
IFC has also funded a number of wind projects globally
Financing Options
l b f d
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Equity thepromoter is
willing tocontribute.
Lenderscomfort level of
debt to beprovided for the
project
Reduction inProject Cost &favorable O&M
terms
Debt to Equityratio of 65:35
DSCR in therange of1.2 to
1.3
Optimal Debt: Equity Ratio for Wind Projects
l h b l
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Availing GBI forshorter period
than thenormal periodwhich is for 4-
10 years.
Structuringrepayment
schedule sothat it is in linewith generation
profile
Contract forCERs (Certified
EmissionReductions)should beentered.
1 MWh energy generated from a Wind Energy Project is eligible for 0.93 CER
Balancing ROI with sustainability
K Ri k & Mi i i
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Key Risks & MitigationsRisk Mitigation Measures
Technology Risk Only CWET certified turbines with proven track record supported.
EPC contractors of repute with proven track-record in setting up Wind Farmssupported.
Wind
availability
shortfall
Comprehensive Wind mapping carried out by CWET
Track record of established nearby wind farms analysed
Wind assessment study carried out by independent and reputed wind consultants
Financial appraisal at P75 generation levels
Seasonality Repayments structured as per the seasonal wind profile
Approvals &
Clearances
Aviation clearance from Airport Authority of India, forest clearance from MoEF, NOC
from SEB & approval for power evacuation from Transco Incorporated as Pre
Disbursement Conditions
Off take risk DisCom Renewable purchase obligations
High peak deficit in most states Prevailing peak power prices more than wind energy prices
Introduction of Renewable Energy Certificates.
Cost & Time
Overrun
Comprehensive provision for liquidated damages payable by the EPC contractor
may be stipulated.
Promoters undertaking to bear any cost overrun in the Project.
Performance Stringent clauses for defect liability backed by guarantees
O i f S l E i I di
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Overview of Solar Energy in India
Most parts receive irradiance of 5-
7 kWh per sq meter per day
Average power generationpotential of 20 MW/ sq km
Sites receiving higher levels of
insolation: Rajasthan, TN, AP,
Ladakh, Gujarat
A i S l E P j Fi i
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Technology Risk: Is solar an experimental technology?
Execution Risk: Can this be done in India?
Off take Risk: How do we manage payment risk of expensive
power?
Obsolescence Risk: Will new low-cost technologies threaten
payment on existing, high-cost technologies?
Regulatory Risk: Will solar RPOs be in place and be
enforceable?
Assessing Solar Energy Project Financing
T h l
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Photo-Voltaic SOLAR THERMAL
Most Prevalent Technologies: Photo-Voltaic (PV) & Concentrated
Solar Power (CSP or Solar Thermal)
Technology
S l Ph t lti (PV)
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Solar PV
Crystalline
Polycrystalline
Monocrystalline
Thin Film
Amorphoussilicon
CISCadmiumtelluride
PV- Exposure to light generates electricity
variants are Wafer Based & Thin Film
Wafer Efficiency 13% to 20%;
Thin film Efficiency 6% to 12%
More than 21,000 MW of installed PV
capacity worldwide
Major Suppliers- QCells, FirstSolar, Sharp,
Suntech, JA Solar, Kyocera, Yingli, Sanyo
Solar Photovoltiac (PV)
S l Th l
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57
Efficiencies of about 15%.
Storage of power using molten salts
Captures the heat from solar radiation and
uses BTG
Physical moving partsWater requirement in dry areas
Higher O&M
Parabolic trough/Tower
Over 700 MW installed capacity world over
Major technologies
E-Solar, Abengoa , Acciona, Iberdrola
Major suppliers
Solar Thermal
T h l E l ti F t P fi
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CSPHigher-output receiver tubes (replaceable?)
Low-cost reflectors (replaceable?)
Higher-temperature, stable towers
Dish, Fresnel and other technologies will mature
Storage (low-cost) for 24-hours solar
Hybrid (integrated with gas, coal, wind, biomass, etc.)
PVHigher-efficiency C-Si
Thin-films stabilised, and emergence of CIGS as leaderConcentrators in deployment
Longer term, nano-dots, full-spectrum PV
Chinese supply-chain
Technology Evolution Future-Proofing
G I I iti ti JNNSM
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20000
MW
by 2022
Phase I
7mn sqm solar collectors, 200 MW off grid capacity & 1000 MW grid power
Phase II
15mn sqm solar collectors, 1000 MW off grid capacity and 4-10000 MW grid power
Phase III
20mn sqm solar collectors, 2000 MW off grid capacity & 20000 MW grid power
TARGETS
MECHANISM
PV: Rs17.91unit
CSP: Rs15.31/unitRs2.5/unitx kWh 4x kWh
Cost of bundled power to NVVN
PV: (17.91x + 10x)/5x = Rs5.58/unit
CSP: (15.31x + 10x)/5x = Rs5.06/unit
Cost of Power to State Utilities for 50:50 ratio of PV and CSP = Rs
5.32/unit
5x kWh
NTPC unallocated powerSolar power developers
NVVN
State Utility
GoI Initiatives JNNSM
State Initiatives Gujarat a leading state
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Minimum project capacity for availing benefits has been fixed at 5 MW for
both Solar PV and Solar Thermal
In the 1st round the State had received EoIs for 365MW PV and 351MW CSP
projects from 34 national and international developers. GUVNL signed PPAs
for 420MW projects (395MW PV and 25MW CSP) in May 2010
For the solar thermal projects to be commissioned before Dec 2011, the
tariff has been fixed at Rs 11 per unit for the first 12 years and Rs 4 per unitfor the rest of the period, for the projects commissioned thereafter up to
Mar 31, 2014, it is proposed at Rs 9 per unit for first 12 years and Rs 3 per
unit for the rest of the period
For the solar PV projects commissioned before Dec 2011, the tariff has been
fixed at Rs 15 per unit for the first 12 years and Rs 5 per unit for the rest ofthe period, for the projects commissioned thereafter up to Mar 31, 2014, it
is proposed at Rs 12 per unit for first 12 years and Rs 3 per unit for the rest
of the period
State Initiatives Gujarat a leading state
Financing Options Exploratory Stage
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Being a sunrise sector seen lots of investment from PE investors Investments in Azure Power, Sunborne, MoserBaer etc.
Private Equity Developers
Support export of materials(KfW, JBIC)
ECA
Supporting through direct financing and guarantees to promotethis sector
Multilateral Agencies
Have shown keen interest
Payment security mechanism still being discussed to givegovernment support
Indian Banks, NBFC (REC, PFC, IREDA)
Financing Options Exploratory Stage
Key Risks And Mitigation
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Key Risks And Mitigation
Risk Mitigation
Technology Only established technologies (compliant with IEC Technical Standard for Solar
PV systems) and EPC contractors with proven track record supported.
Offtake risk High risk due to high cost of the power producer. Strong offtaker and Power
Purchase agreement crucial for development of this sector.
Land Each MW requires about 5 to 8 acres. However most of this land is
inhospitable and are in outlying areas.
Gujarat, Rajasthan, MP developing Solar Park
Approvals &
Clearances
Aviation clearance from AAI, forest clearance from MoEF & approval for power
evacuation from TransCo Incorporated as Conditions precedent
Cost & Time
Overrun
Comprehensive provisions for liquidated damages may be stipulated as part of
EPC contract
Promoters undertaking to bear additional costs stipulated.
PerformanceShortfall
Stringent clauses for defect liability. Temperature coefficient stipulated
Performance Ratio Guarantee to be provided by EPC contractor
Irradiance Risk Combination of various source of data including MNRE, NASA, Meteonorm at
conservative levels to be used.
Seasonal
Variation
Repayments structured as per the projected variation
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Evolution of the Indian Power Sector
Industry Structure and Present Scenario
Generation - Thermal Power Projects
Generation - Hydro Power Projects
Generation Renewable Energy Projects
Transmission
Distribution
Conclusion
Overview Indian Transmission Infrastructure
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Overview Indian Transmission Infrastructure
Transmission Network in India
Overview Indian Transmission Infrastructure
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Overview Indian Transmission Infrastructure
The complex transmission system comprises236,500 ct. km lines and 305,600 MVA and14,000 MW of substation capacity at 220 kV &above voltages as of March 2010.
400 KV 77000 ckm and 765 KV 700 ckm
Transmission network and transformationcapacity grew at 6.4% and 7.5% respectivelyduring the first 3 years of XI plan. [X Plangrowth figures were 6% and 8%]
Interregional transfer capacity increased to20,750 MW from 14,100 MW at end of X Plan.
The XI Plan investment is proposed at Rs1,400 billion - Rs 550 billion by Powergrid, Rs
650 billion by STUs and Rs 200 billion byprivate sector.
During the first three years of the Plan,Powergrid invested Rs 252 billion (plannedanother Rs 130 billion in 2010-11). STUsinvested Rs 185.84 billion during the first twoyears.
-
50,000
100,000
150,000
200,000
250,000
2005-06 2006-07 2007-08 2008-09 2009-10*
59,314 66,579 73,13880,243 87,800
125,347131,828 136,866
142,503148,667
Transmission Lines (ct. km)
Intra-state Interstate
-
100
200
300
400
2005-06 2006-07 2007-08 2008-09 2009-10*
39 45 53 60 65
191 205216 228
241
Transformation Capacity ('000 MVA)
Intra-state Interstate
*interstate capacity includes 1,440 MVA of private capacity
*interstate lines includes 1,250 ct. km of private line length
XI & XII Five Year Plan Targets
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XI & XII Five Year Plan Targets
Voltage Level (kV) XI Plan Target As on Mar 2011Achievement
(%)XII Plan Target
765 kV 5,666 2457 43.4 25000-30000HVDC & +/- 500 kV 5,400 3052 56.5 4000-6000
400 kV 49,278 30611 62.1 50000
230/220 kV 35,371 20009 56.6 40000
Total 91875 56129 61.1 119000-126000
Source: CEA
XI Plan investments may not fully fructify given the lower than planned generation
capacity addition expected
Planned XII Plan investment is Rs 2,400 billion including Rs 1,400 billion in the
central sector (interstate system) and Rs 1,000 billion in the state sector (intra-state
system) Achieve synchronization of SR grid with NEW grid [to be achieved with the
implementation of Synchronous Interconnection between SR and WR]
Interregional transfer capacity to increase to 32,700 MW by 2011-12 (latest CEA
estimates) further to 57,000 MW by 2015 and 75,000 MW by 2017
Private Sector Participation
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Private Sector Participation
Standalone private investment in transmission segment opened up in 1998
One PPP project Tala transmission system in operation since May 2007
First ITP (awarded in Oct 2007) under implementation by RPTL to come up by July 2011
Private developers considering integrated approach to generation & transmission
Handful of transmission projects being developed by private sector independently or
in JV with CTU / STU.
Projects Identified byEmpowered committee /STU
Tariff basedCompetitive Bidding
Private Players
With PGCIL orSTUs
Monopoly Integrated orUnbundled
Cost Plus Tariff
POWERGRID SEB/Transco Joint Ventures
Centre State
Private Sector Participation
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Year SPV Agency kV Km Developer
2009 East North Interconnection Co Ltd PFC 400 450 Sterlite Technologies
2010 North Karanpura Transmission Co Ltd REC 400 1,045 Reliance Power Transmission
2010 Talcher-II Transmission Co Ltd REC 400 592 Reliance Power Transmission
2011 Raichur Sholapur Transmission Co Ltd REC 765 210 Patel+Simplex+BS Transcomm*
2011 Bhopal Dhule Transmission Co Ltd PFC 765 1,000 Sterlite Technologies
2011 Jabalpur Transmission Co Ltd PFC 765 635 Sterlite Technologies
Private Sector Participation
PPP Transmission Projects Awarded
Empowered Committee identified 14 Projects of which first 6 projects awarded
Private sector likely to be involved in development of evacuation systems for future
UMPPs
Private Sector Participation Contd
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Private Sector Participation Cont d
Joint Venture with PGCIL
Joint Venture Private Partner Evacuation from
Project MW Location
Parbati Koldam Trans. Corpn. Ltd Reliance (ADA) GroupParbati-II 800 Himachal
Koldam 800 Himachal
Torrent Power Grid Ltd Torrent Power Sugen-II 1148 Gujarat
Jaypee Power Grid Ltd Jaypee Group Karcham-Wangtoo 1000 Himachal
Teestavalley Power Transmission Ltd Teesta Urja Ltd (Athena) Teesta III 1200 Sikkim
North East Transmission Co Ltd ONGC + IL&FS Tripura 727 Tripura
Powerlinks Transmission Ltd Tata Power Tala HEP 1020 Bhutan
Project Ownership Mode State kV
Jaigad Power Transco Ltd JSW Energy JV MAH 400
Maharashtra Eastern Grid Transmission Co Ltd Adani JV MAH 765
Jhajjar KT Transco KPTL+Techno DBFOT HAR 400
Maru Transmission Service Co Ltd GMR Energy BOOM RAJ 400
Aravali Transmission Service Co Ltd GMR Energy BOOM RAJ 400
UPPTCL Package -1 (Mainpuri-Bara) Isolux Corsan BOOT UP 765
UPPTCL Package-2 (Mainpuri-Hapur / Mainpuri-Noida) Cobra + Megha BOOT UP 765
Intra-State Transmission Projects
Issues faced by Developers
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Issues faced by Developers
Right of Way & Crop Compensation
A transmission line right-of-way (RoW) and Crop Compensation is the single largest
issue faced by project executors. Other requirements like clearances, financial
closures etc. are secondary.
New private sector entrants face several problems.
Generation capacities failing to achieve deadlines
Delays in the commissioning of generation capacities resulting in risk of revenue
loss
if the transmission line is completed as planned, it would lead to the line being idle
due to a delay in the commencement of power generation.
Forest Clearances
Although Environmental clearance not required, forest clearance is required, if the
transmission line passes through any forest.
Approval from Forest Officer required even for carrying out a route survey
Time consuming process & lack of adequate clarity
Poor creditworthiness of DISCOMs poses significant payment security risks
Financing Options
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Financing Options
Suitable on account of longer tenors
Interest cost is not competitive vis--vis other sourcesRupee Loan Tenor may be a constraint
May attempt with refinancing undertaking from promoterECB
Dependent on selection of EPC / Supplier Higher upfront costs and time consumingECA
ADB / IFC funding available to transmission projects
Pre-sanction ESDD may be a constraintMultilateral
Key factors for financing
Longer tenor requirement (especially for Projects won with competitive bidding)
Revenue stream - annuity type Interest expense is the most significant cost during operations
Structured repayments with bullet is favoured
Key Risks & Mitigation
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Key Risks & Mitigation
Risk Mitigation
Construction Challenge in terms of design, geography and terrain (River Crossings, Railway
line crossings, Forest Areas etc.)
Experienced contractor critical for successful implementation
Offtake Risk High risk due to high cost of the power producer.
Power Purchase agreement with adequate Payment Security Mechanism
Right of Way Obtaining Right-of-Way in a phased manner
Assistance of Government for PPP projects in resolution of crop compensationissues.
Approvals &
Clearances
Environmental Clearance not required for Transmission Projects
Majority of the clearances and approvals are obtained during implementation
Forest clearance (if any) from MoEF for route survey may be Pre Disbusement
Condition
Cost & TimeOverrun
Comprehensive provisions for liquidated damages may be stipulated as part ofEPC contract
Promoters undertaking to bear additional costs stipulated.
Performance
Shortfall
Stringent clauses for defect liability.
Performance Guarantee to be provided by EPC contractor
Opportunities
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Transmission
Rs.140,000 crore (USD 28 billion) required for proposed 220 kV and above
transmission schemes in XI Plan
Transmission planning moved away from the earlier generation evacuation
system planning to integrated system planning
Power Grid and State Utilities Driving the Growth in Transmission
Many Transmission Project planned to be awarded to Private Sector through
Competitive Bidding
6 Projects already awarded through Competitive bid
Initiative driven by PFC / REC
22 large transmission projects have been identified for competitive bidding
(outlay in excess of Rs 30,000 Cr)
Opportunities
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Evolution of the Indian Power Sector
Industry Structure and Present Scenario
Generation - Thermal Power Projects
Generation - Hydro Power Projects
Generation Renewable Energy Projects
Transmission
Distribution
Conclusion
Distribution
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Distribution
Distribution System could not keep pace with Generation and TransmissionSystems
Of the aggregate losses of the State Power Utilities, 93% were at the
Discom Level
Costs of generation and transmission companies are pushed to DISCOM
level which are unable to recover the same from the consumers
Aggregate Book loss of Discoms have doubled in FY 10 to Rs 274 billion
since FY 07
Unfavourable mix of consumer mix and pricing
High AT&C losses Low realization of subsidy
Due to weak financial profile fresh loans have been curtailed by banks and
financial institutions
Salient Features
Distribution Performance
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Distribution PerformanceAggregate Technical & Commercial (AT&C) Losses (%) in Major States
2007-08 2008-09 2009-10
Maharashtra 31.37 31.64 28.23Uttar Pradesh 43.09 40.12 39.65
Andhra Pradesh 16.19 12.99 16.43
Gujarat 22.81 22.04 22.81
Punjab 19.10 18.51 17.73
Rajasthan 33.02 29.83 30.07
Karnataka 32.13 24.94 25.34
Madhya Pradesh 45.85 46.61 41.03
Aggregate Technical & Commercial (AT&C) Losses (%) - Regionwise
2007-08 2008-09 2009-10
Eastern 37.19 36.62 33.92North Eastern 36.67 40.70 36.44
Northern 32.59 31.12 30.83
Southern 20.10 16.92 19.49
Western 31.95 31.64 28.23
Grand Total 29.24 27.74 27.15
Distribution Performance
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Distribution Performance
With the approval of the Prime Minister the Planning Commission in July 2010 appointed a
High Level Panel (Shunglu Committee) to look into the financial problems of SEBs.
This Committee recommended a plan of action to achieve financial viability in distribution of
power by 2017:
Review of accounts and financial projections of SEBs and Discoms; tracking of capital
work-in-progress
Review Electricity Tariff and role of State Governments, State Regulators and SEBs/
Discoms in periodic revision of tariff
Evaluation of functioning of SERCs
Assess system improvement measures
Energy to agricultural sector to be supplied through a separate feeder
Series of anti-theft measures for urban and rural areas
Way Forward
Distribution being the last link in the value chain of the power industry needs to be
healthy
Sound health of Discom is essential for healthy and efficient functioning of thePower Sector
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Evolution of the Indian Power Sector
Industry Structure and Present Scenario
Generation - Thermal Power Projects
Generation - Hydro Power Projects
Generation Renewable Energy Projects
Transmission
Distribution
Conclusion
Conclusion
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Way Forward
Diversifying the fuel mix and the source of supply
Political stumbling blocks and change in social behaviour poses a challenge
Long term tie up for power purchase
Timely fixation of tariffs and timely truing up
Lowering of transmission and distribution losses
Timely receipt of subsidy Substantial opportunities emerging in power sector post the reforms being
undertaken by government.
Sector exposure by Banks brings new opportunities for capital raising for
power sector.
Foreign financial institutions are keenly observing the reforms beingundertaken and would participate.
At last but not the least, for economic growth in the country, power sector
growth should be robust and consistent.
Conclusion
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Thank You
Abbreviations
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Abbreviations
AT&C Aggregate Technical & Commercial
BOOT Build Own Operate Transfer
CDM Clean Development Mechanism
CEA Central Electricity AuthorityCERC Central Electricity Regulation Commission
ckm circuit kilometres
CTU Central Transmission Unit
CWET Centre for Wind Energy Technology
DISCOM Distribition Company
DPR Detailed Project Report
DVC Damodar Valley CorporationECA Export Credit Agencies
EOI Expression of Interest
GBI Generation Based Incentive
GENCO Generation Company
GOI Government of India
GSPC Gujarat State Petroleum Corporation
KG Krishna-Godavari
kWh kilo Watt-hourMnMT Million Metric Tonnes
MNRE Ministry of New & Renewable Energy
MoEF Ministry of Environment and Forests
MoP Ministry of Power
MW Mega Watt
NBFC Non Banking Financial CompaniesNE North east
NEC North Eastern Coalfields
NHPC Formerly known as National Hydroelectric PowerCorporation
NPCIL Nuclear Power Corporation of India Limited
NPV Net Present Value
PFC
Power Finance CorporationPGCIL Power Grid Corporation of India Limited
R&R Resettlement and rehabilitation
REC Rural Electrification Corporation Limited
RIL Reliance Industries Limited
SEB State Electricity Board
SERC State Electricity Regulatory Commission
STU State Transmission Unit
TRANSCO Transmission CompanyUMPP Ultra Mega Power Plant