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POW EROctober 2007
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POWEROctober 2007
Contents
Prole o Indian Power Sector
Policy and Regulation
Opportunities in the Indian Power Sector
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www.ibe.org
PROFILE OF INDIANPOWER SECTOR
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The Indian Power Sector has a less than 100 year history
1880s First electrication small hydel
in Darjeeling
1889 Commercial production & Distribution
starts in Calcutta
Indian Electricity Act, 1910.
1947 Power generating capacity only 1,362 MW The Electricity (Supply) Act, 1948 SEB ormation
Creation o central generation companies
CEA constituted
1956 Industrial Policy Resolution reserves
production o power or public sector
1960s and 70s Impetus or expansion o ruralelectrication
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The Indian Power Sector has a less than 100 year history
1975 NTPC and NHPC set up
1989 NPTC set up. Renamed POWER GRID
in 1992.
1991 Liberalisation; amendments in Electricity
(Supply) Act
1992 Ministry o Power constituted 1995 Policy or Mega power projects introduced
1998 CERC and SERCs set up
2001 Energy Conservation Act
2003 New Electricity Act
2006-07 Power generation capacity stands
at 551.7 Billion Units
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The Indian Power Sector has a less than 100 year history
From humble beginnings in the 1880s, the Indian
Power Sector has come a long way
From one small unit in 1880s to 1362 MW
in 1947 to over 550 Billion Units in 2006-07
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The sector has multi-tier institutional arrangement
The primary agency responsible or the power
sector in India is the Ministry o Power, which
started unctioning with eect rom 2nd July 1992
Policy
Plan
Regulations
Generation
Transmission
System Operations
Distribution
Trading
Appeal
Centre
Ministry o Power
CEA
CERC
CentralGenerating Units
CTU
NRLDC RLDC
State
Trading Licencee
Appellate Tribunal
State Government
SERC
GENCOs IPPs
STU
SLDC
DistributionLicencee
Trading Licencee
Appellate Tribunal
Some
PrivatePlayers inGeneration
&Distribution
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A range o key organisations perorm several unctions
Organisation Established Core Expertise
Damodar Valley Corporation (DVC) 1948 Generation, Transmission and Distribution in speciied region.
Bhakra Beas Management Board (BBMB) 1967 Administration, Operation and Maintenance o projects under Board.
Rural Electriication Corporation (REC) 1969 Financing and implementing rural electriication schemes.
National Thermal Power Corporation (NTPC) 1975 Thermal plants: concept to commissioning and operations.
National Hydro Electric Power Corporation (NHPC) 1975 Hydro plants: concept to commissioning and operations.
North Eastern Electric Power Corporation (NEEPCO) 1976 Developing power projects in North Eastern region o the country.
Power Finance Corporation (PFC) 1986 Financing o power development schemes.Tehri Hydro Development Corporation (THDC) 1988 Development o hydro potential in speciic river/valley.
Satluj Jal Vidyut Nigam (SJVN) 1988 Development o hydro potential in speciic basin.
Powergrid (Powergrid) 1989 Transmission system or evacuation o central sector power and
establishment/operation o inter-regional grids, load despatch centres.
Power Trading Coprporation (PTC) 2001 Trading o power
Bureau o Energy Eiciency (BEE) 2002 Responsible or spearheading the improvement o energy eiciency o economy through regulatory and promotional instruments
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Generation has increased over the years
From humble beginnings in the 1880s, the Indian
power sector has come a long way
From one small unit in 1880s to 1362 MW in
1947 to over 550 billion units in 2006-07
Generation (Billion Units)
2006-07(up to Jan. 07)
2004-05
551.7
2002-03
2000-01
1990-91
617.5
587.4
558.3
531.4
515.3
499.5
380.1
264.3
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Generation installed capacity
In terms o installed capacity, the state sector
accounts or the most, ollowed by the Central
and private sectors
Installed Capacity (Mega Watt)
State
Private
Central
70681
18418
45905
Installed Capacity (%)
n State n Private
n Central
34%
14%
52%
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Generation mix dominated by thermal and hydro
Thermal power accounts or much o the power
produced in India, ollowed by hydro. Other
means o generation are negligible in comparison.
Generation Type %
n Thermal n Nuclear
n Renewables n Hydro
26%
64%
7%3%
Generation Type
Hydro
Thermal
Nuclear
Renewables
34,654
86,935
4,120
10,175
Mega Watt
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Generation plant load actor has been improving
PLF o generating plants has improved consistently
over the last ew years. The all India average PLF
on January 2007 stood at 75.6 % compared
to 53.8 % in 1990-91
PLF o central plants in 2006-07 stood at 83.3
% while the average PLF o the state sector units in
2006-07 was 69.5 %
PLF (%) during last year o the place
n Central Sec nState Sec
n Private Sec nOverall
90.085.0
VI VII VIII IX X
75.070.065.060.055.050.045.040.0
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Per capita consumption has sky-rocketed
Per capita consumption o power in India has
gone up signicantly since the 1990sTrend in per Capita Consumption
2012 1000
631
582
408
238
131
Projected
2006
2004
2001
1990
1980
19701960
1950
8435
18
No. o Units
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The demand supply gap is growing
Energy requirement during 2006-07 (upto Jan 07)
stood at 572,812 MU and energy availability
during the same period was 519,656 MU resulting
in energy shortage o 53,156 MU (9.3%)
Peak demand or energy in 2006-07 (upto Jan 07)
was 100,403 MW whereas peak demand met
during the same period was 86,425 MW andhence the peak shortage stood at 13,978
MW (13.9%)
Deamand Supply Gap Energy (BU)
n Average Energy Demand (BU)
n Generation during last year o the plan period (BU)
Energy(BU)
VI VII VIII IX X
620.9559.4
266.4
447.3
168.1
156.8245.4
395.9
517.4559.4
Plan Period
DemandSupply gap
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Planned capacity additions (MW) 11th Plan
Signicant capacity additions to generation
are being planned under the 11th Plan
Central State Private Total
Hydro 11289 2637 3263 17189
Thermal 25860 16152 4102 46114
Nuclear 3160 0 0 3160
Renewables NA NA NA 14000
Total 40309 18789 7365 66463
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Generation backend - uels outlook
Coal
Vast reserves mineable coal in excess o 2,800
million tonnes identied
Oil
Reserves estimated at 700 MMT o oil: Ministry
o petroleum and Natural gas
Gas
Discoveries o gas to the tune o 700 bcm2 in
the last decade
Nuclear
One o the largest reserves o the nuclear
uel thorium. Indo-US deal +ve
Hydro
Potential o about 150,000 MW; only 17 percent
harnessed so ar
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Generation backend - uels outlook
Renewables
Vast potential - Solar power, biomass and wind power;
current installed capacity 9220 MW, constituting about
7.3 % o total installed
generation capacity. India already ourth largest
in the world in terms o wind energy installations
Signicant reserves o coal and gas exist and
signicant potential to harness renewables
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Transmission has grown signicantly
Transmission lines have grown rom 3,708 ckm
in 1950 to more than 265,000 ckm now
Country divided into ve regions or transmission
systems, namely, northern, north eastern, eastern,
southern and western
X Plan XI Plan Total
POWERGRIDs Outlay 21,370 28,258 49,628
Private Sector participation 9,710 11,185 20,895
Total Central Sector 31,080 39,443 70,523
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Transmission has grown signicantly
National Grid on the cards
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Extensive distribution networks but high losses
Extensive network o sub-transmission and
distribution systems have been set up in India
T & D losses have been consistently on the higher
side and are presently in the range o 18 percent
to 62 percent in various states
APDRP was identied in 2000-01 as the key area
to bring about the eciency and improve nancial
health o the power sector - payos beginning to
trickle in
Extensive distribution networks but high losses
n March 2006 n2001
40 60 800 20 100
11 KV Feeder
Consumer 92
78
96
81
Percentage
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Financial perormance
Financial perormance o the State power sector
1991-92 2003-04(P) 2004-05(RE) 2005-06(AP)
A. Gross Subsidy involved
(i) On account o sale o electricity to
(a) Agriculture 5,938 23,246 23,805 25,377
(b) Domestic 1,310 8,885 9,639 10,033
(c) Inter-State Sales 201 923 866 591
Total 7,449 33,154 34,311 36,002
(ii) Subventions Received rom State Governments 2,045 11,081 9,825 9,831
(iii) Net Subsidy 5.404 22,073 24,486 26,170
(iv) Surplus Generated by sale to other sectors 2,173 6,133 6,967 8,640
(v) Uncoverred Subsidy 3,231 15,941 17,520 17,530
B. Commercial Losses
(i) Commercial Losses (excluding subsidy)@ 4,117 20,379 20,715 22,013
(ii) Commercial Losses (including subsidy) NA 9,298 10,890 12,182
C Rate o Return (ROR%)# -12.70 -28.32 -27.97 -28.13
D Revenue MibilisationAdditional Revenue Mobilisation rom achieving
(a) 3% ROR 4,959 22,538 22,936 24,362
(b) From introducing 50 paise per unit romAgriculture/irrigation
2,176 540 755 773
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Financial perormance
RE: Revised Estimates * Provisional
AP: Annual Plan Project # or losses without subsidy
@ Commercial losses are dierent From uncovered subsidy because they include nancial results o other activities undertaken by the SEBs.
Source: Planning Commission
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Non-realisation o revenue or power generated
has led to nancial degradation and spiral o
worsening perormance
The power sector in India suers huge nancial
losses to the tune o US$ 6 billion per annum.
These losses have accumulated over time and
resulted in inadequate nancial resources orcapacity augmentation
Financial perormance
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In the expectation o greater private investment,
the Eighth (19921997) and the Ninth Five-Year
(19972002) plans o India included a sharp
reduction in plan allocation in proportion to the
total plan outlay
A not-so-encouraging response rom private
investors led to its enhancement in the TenthFive-Year plan (200207).
Trends in public investment
Trends in public investment
n Power Sector Expenditure (Rs. Billion)
n Power Setor Outlay (Rs. Billion)
IV
0 3000200015001000500 2500
V
VI
VII
VIII
IX
X
III
II
I
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Socio-political infuences
High level o network losses
High level o nancial losses
Inadequate generation and transmission capacity
Poor quality o supply
Key issues conronting the sector
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www.ibe.org
POLICY AND
REGULATION
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Power market structure
Stakeholder outlook has been slowly improvingGeneration CGS
Mega PowerProjects
CERC
IPP/ CPPStateOwned
Licenseeowned
Transmission
Distribution
PowerGrid (CTU)
Consumers
DistributionLicensee
DistributionLicensee
SERC
STURPC/RLDC
Trader
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Improved policy & regulation regimes
Recent policy/regulatory actions
EA 2003 introducing
Non-discriminatory open access to
transmission
at least
Section 63 and ERCs to ollowcompetitive
bidding process
Section 79(2) - CERC to advise GoI on
promoting competition
Section 60 Controlling abuse o
market power
Market evolving -- competitive structure
& minimal regulatory micro-management
market power
Evolving market structure in power sector
NationalTari Policy
2006
Facilitating openaccess, supporting
comp bidding ,separating wiresbusinesses
enorcing USO
ContestablePrice Discovery
Competitive newgeneration
Open Access, Sec 63/Section 79( 2)/ Sec 60
Possible Wholesale/Retail Competition
ElectricityAct 2003
+
+
Redu
cingne
edformicr
omanag
emen
tbyre
gulat
ors
Increasin
gpo
tential
com
petit
ion
Comp. Bidding
Guidelines -2004/5
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Improved policy & regulation regimes
Competitive Bidding Guidelines - 2004/05
Competitive acquisition o new generation
contestability
National Tariff Policy 2006
Promoting retail competition
Supporting competitive acquisition o generationcapacity
Enabling choice
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Enabled Market Model under EA 2003
Genco Genco Genco
Open Access in
Transmission
Creating wholesale competition
Creating Retail
Competition
Open Access inDistribution
Traders
Customer CustomerCustomer
Disco Disco Disco
Traders
Distribution
Transmission
Generation
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Impact on Industry structure under EA 2003
Generators Long Term PPAs Licensing o capacity;
extended project leadtimes
Need or guarantees
Restrictions on captivegeneration
Transmission
Bulk Supply Taris (BST)
Single Buyer Model (SBM) Natural monopolies No private investment
Distribution Retail Supply Taris Monopoly over consumers
Lopsided tari structure Power Thet Poor collections
Unreliable supply Poor quality
Consumers
Free access to consumers and traderso choice
No restrictions on captive generation Reduced lead times Reduced nancial and regulatory risk
Provisions to develop a robust powertrading market
Will mitigate o-take risk or generators
Will balance inter-regional disparitiesin power availability
Non -discriminatory open access
to transmission lines Multi Buyer Model Private captive investment allowed
Open access (in 5 years) Surcharge on open access (not
applicable to captive generation) No monopoly over consumers Parallel distribution networks allowed 100% metering in 2 years
Consumer choice available
Generators
Traders
Transmission
Distributinon
Consumers
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EA 2003 provides institutional ramework
Government Owned Vertically
Integrated Monopoly
Unbundled Utilities
Privatized Distribution
Multiple Distribution Licensees
Non-discriminatory Open Access
Expected Outcomes
Reduction in Losses
Regulated Cost Refective Tari
phasing out cross subsidies
Competition in Generation and
Retail Supply
Internal resource generation
Private sector resource
mobilization
Improved Reliability and Quality
o Supply
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Mega Power Policy
Exemption rom Custom duties, excise & central
levies.
Section 10(23) G benet on und raising.
Increased ECB capital limits.
State Implementation support. Decreased import duty on uel i.e. coal
& liquid uel
100% FDI allowed in Indian Power Sector
(except Nuclear)
A range o scal incentives have been introduced
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www.ibe.org
OPPORTUNITIES IN THEINDIAN POWER SECTOR
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Electrication o households by 2010 about
50% yet to be electried
Perspective Announced: 2012
Per capita availability o 1000 units 631 units
at present.
Installed capacity over 2,00,000 MW 1,35,006 MW installed at present.
Inter Regional Transmission Capacity
37,000 MW 9500 MW at present.
Energy Eciency/conservation savings about
15%.
Quality and Reliable power supply
tremendous gaps
Above opens up signicant opportunities
Opportunities Macro perspective
OPPORTUNITIES IN THE INDIAN POWER SECTORPOWER October 2007
Source: MoP, GoI
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Annual GDP growth rate o about 8 % would
necessitate a minimum 10 % growth rate in the Indian
power sector
At this rate, economy would be 8 times the
present size by 2020
Sustained GDP growth will require similar growth
in the power sector Indias GDP Growth rate %(Base year : 1993-94)
2006-07
7.8
8.6
9.0
7.5
4.4
5.6
4.4
6.1
6.5
4.8
7.8
2005-06
2004-05
2003-04
2002-032001-02
2000-01
1999-00
1998-99
1997-98
1996-97
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Foreign Investment:
100% FDI is allowed in all segments o power
sector including Trading
No discrimination between domestic or oreign
investors
Fiscal incentives: Zero customs duty on import o capital goods
or Mega Power Projects
Income tax holiday or generating plants or
10 years
Multiple Investment Opportunities
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Impressive progress in project execution:
Public sector investment also stepped up to
supplement the private sector 40,000 MW o
generation capacity already under execution and
US$ 43 bn already committed
Financial closure o 4400 MW capacity
in generation projects in private sector
Financial Closure o another 2200 MW
is in advanced stage
Another 10000 MW being appraised
by Financial Institutions
Multiple Investment Opportunities
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Huge opportunity spaces exist in the Power
Sector, considering the demand
Power requirement projections show scale o opportunity
Year Total Energy Required(Billion kWh)
Required(Billion kWh)
Projected PeakDemand (GW)
Required(GW)
Installed Capacity
At GDP Growth Rate At GDP Growth Rate At GDP Growth Rate
8% 9% 8% 9% 8% 9%
2011-12 1097 1167 158 168 220 233
2016-17 1524 1687 226 250 306 337
2021-22 2118 2438 323 372 425 488
2026-27 2866 3423 437 522 575 6852031-32 3880 4806 592 733 778 960
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For a capacity addition program o 1,00,000 MW,
investments o about US$ 100 Billion needed
Additional US$ 100 Billion needed or
augmentation o Transmission, sub-transmission
and Distribution networks, and Rural electrication
Total US$ 200 Billion
20% o the Total requirement expected by Private
players
Electricity Act 2003 provides enabling ramework
Required investment scale - ample scope or sector investments
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Enablers
Generation Delicensed
Clear and transparent tari setting principles
Competitive bidding or power procurement
by licensees
Open access Captive policy
Incentives or Rural Electrication
Evolution o power markets
A range o generation opportunities exist
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Opportunities
IPP
CPP
Target Markets
Distribution licensees
Industrial Consumers
Rural areas
A range o generation opportunities exist
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Independent Power Transmission Company
Private players can construct, operate and
maintain transmission lines
Interregional Link Operations
Private transmission acilities may either take
the orm o an independent power transmission
company or a joint venture with the state-owned
transmission utilities
Transmission opportunities abound
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Merchant Transmission Capacity or Open
Access Customers
Transmission licensees to allow non-discriminatory open
access to their network on payment o
- Transmission charges
- Surcharge or cross subsidy, applicable to direct
consumers only
The rst Transmission Line on JV Route is being
executed with M/s TATA Power or Transmission system
associated with Tala HEP & East-North inter-connector.
Transmission opportunities abound
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Witnessing the Changes
Regulatory Commissions constituted in 22 states
Tari orders, perormance standards, terms and
conditions o supply and tari notied
Unbundling o the State Electricity Boards (SEBs)
Distribution reorms initiated Orissa and Delhi distribution privatized
Recovery rom SEBs regularized ater securitization
Principles o multi-year-tari (MYT) regime
proposed or urther privatization
Stability o past contracts (except Dabhol Power)
Power Sector investment Development scenario
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Development Initiated
Large capacity addition plans rmed up by Central
PSUs and private sector majors (Tata Power,
Reliance, Torrent)
Smaller players also have major expansion plans
(GVK, GMR)
Earlier ringe players (captive generation) entry
into the IPP sector (Jindal, Essar)
Entry o more number o players or takeover
o new privatized distribution
Power Sector investment Development scenario
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Generation
National Thermal Power Corporation Limited
Sixth largest thermal power producer in
the world and Indias largest power producer;
state owned player operating across the country
Tata Power The Tata group pioneered power generation
in India nine decades ago. Tata company has
presence in all segments - Thermal, Hydro, Solar,
Wind Energy, Transmission & Distribution
Key Domestic Players
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Generation
Reliance Energy Ltd
Indias leading integrated power utility company
in the private sector. It has a signicant presence
in generation, transmission and distribution o
power in the states o Maharashtra, Goa and
Andhra Pradesh.
Torrent Power
Entered the power sector by acquiring two old
state owned electricity companies and turned
them into power utilities comparable with the best.
Key Domestic Players
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14 Manuacturing plants
279 Coal based Thermal Utility Sets o BHEL,
including 29 Sets o 500 MW and 157 Sets o
195-250 MW installed in the Country (As on
31.03.07)
During 2006-07, out o 279 Coal based Thermal
Utility Sets o BHEL in the Country, 77 setsoperated at PLF > 90% (6 sets at 100%; 18 sets
at 95 100% and 53 sets at 90-95%)
Key Domestic Players
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Strengths of BHEL
Improvement on design philosophies to suit Indian
conditions based on vast experience.
Developed technologies/retrots to improve the
perormance e.g.
* Smart Wall Blower System
* Gravimetric eeders with micro processor controls
* Steam Tube Leakage Detection (STLD) system
* By-pass Over Fire Air System NOx Control
* High eciency BFP cartridge.
Key Domestic Players
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Foreign players entered/planning to enter India
AES Corporation
CLP Power
Sumitomo
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Major investors in the Indian Power include CMS
Energy, Unocal, Woodside Petroleum, Siemens, ABB,
AES Transpower, Powergen, CLP, PSEG, Tractabel.
CMS holds around 20% stake in 235 MW
gas/naptha uelled combined cycle power project
promoted by GVK Reddy group at Jogurupadau
in Andhra Pradesh. CMS Energy and ABB are the major promoters
o the 250 MW lignite based power project at
Neyveli, Tamil Nadu.
CMS Energy along-with Unocal, Woodside
Petroleum and Siemens are part o a consortium
which plans to set up a 1885 MW LNG based
power project at Ennore, Tamil Nadu.
Private and oreign participation in Power sector
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Joint Venture between Ansaldo Caldaie (85%)
and GB Engineering (15%)
Product Range:
- Design, Manuacture and Supply o Utility Boilers
and HRSGs
Manufacturing Facilities in India:
- Trichy - In JV with existing manuacturers
(established)- Specialized Manuacturing bays or
products like Burners, Ljungstorm Airheaters, etc.
- Tuticorin - New Facility to augment the
manuacuturing capability in India investments
or uture big projects including large (Year 2008)
Ansaldo Caldie (India)
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Projects Handled in India:
- 1980s 3 X 200 MW Coal Fired Boilers or NTPC
Ramagundam
- 1990 2 X 500 MW Coal Fired Boilers or NTPC
Farakka
- 1998 1 X HRSG or 230 MW GT or Reliance
Energy, Samalkot
- 2003 2 X 210 MW Lignite Fired Tower Boilers
or NLC, Tamil Nadu
Ansaldo Caldie (India)
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JV Established on April 18 2007 by L&T (Larsen
& Toubro Ltd.) 51% Shares MHI (Mitsubishi
Heavy Industries) 49% Shares
Investment : $ 167 Million
Capability : 3,000 - 4,000 MW per annum
Factory : Operation within 18 months
Employee : 1,250
Location : Delhi and Surat
L&T MHI Boilers Pvt Ltd
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ALSTOM HYDRO has developed the BARODA
acility rom 2004 as an autonomous Manuacturing
and Project Execution acility with two objectives:
- to participate in the expansion o the Indian
domestic market or hydro power with a strong
determination to execute major projects
- to execute export hydro projects rom India.
12 major high capacity machines in operation
today; all have been ully reurbished between
2005 and 2007.
4 more heavy machines will be in operation
by March 2008, increasing production capacity
to 900,000 hours
Alstom Hydro
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Key Projects executed/under execution:
- VishnuPrayag (2 x 100MW, India) -
Pelton runner repair
- Chuzachen (2 x5 5 MW, India ) -
Complete Turbine & Generator
- Chamera III (3 x 77 MW, India ) -
Complete Turbine & Generator
- Subansiri (8 x 250 MW, India) -
Complete Turbine & Generator
- Uri II (4 x 60 MW, India) -
Complete Turbine & Generator
Alstom Hydro
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Toshiba hydro power projects in India
- KOLDAM 4 x 200 MW, HEP
- TEESTA-V (3x170MW)
- UMIAM I&II HEP(4x10.5MW, 2x9MW)
- UMIAM-I R&M (2003)
- PURULIA PUMPED STORAGE, HEP (4x225MW)
- DAM (2x10.6MW Turbine)
- HAMPI (2x10.6MW Turbine, 1962)
- SSNNL (6 x 200 MW), HEP
Toshiba Corporation
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VA TECH HYDRO is the FIRST oreign company
to set-up hydro manuacturing acilities in India
Capability or turnkey execution o complete
electrical Electro-Mechanical works
Manuacturing acilities or:
- Turbines, Governors, MIV & Auxiliaries
- Hydro Generator, Excitation, Automation
& Protection Systems
Orders in hand/completed
- Over 3000 MVA installed/order booked
- Hydro (New): 1600 MVA
- Hydro (R&M): 1400 MVA
VA Tech Hydro
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- Over 550 MW o Compact Hydro plants
executed
- Over 144 nos. Excitation Systems installed/
order booked
- Over 200 nos. Governors installed/order
booked
- Supplies all over the world (18 countries
in 5 continents)
VA Tech Hydro
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FDI outlook has been improving steadily
2000 2001 2002 2003 2004 2005 Total Total(US $
Billion)
FDI in power sector 4760.2 8225.1 30494.6 1907.4 2510.6 1518.5 49416.2 1.1
TotalFDI inlow
100923.1 158418.9 161233.5 95640 147813.7 192707.2 8567365 19.04
Share o power
sector (%)
4.72 5.19 18.91 1.99 1.7 0.79 5.77 5.77
Actual FDI infows in Power Sector 2000 to 2005 (Rs. Million) trend ispositive
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FDI outlook has been improving steadily
Sector Majorityownership
30 June2004
31December
2004
31December
2005
31March
2006
NTPC Generation Public -- 4.84 6.86 7.07
BHEL Equipment Public 23.04 20.56 22.07 22.42
Reliance
Energy
Generation &
Distribution
Private 14.20 17.73 18.22 16.16
Jai Prakash
Hydro
Generation Private -- -- 3.59 3.79
CESC Generation &
Distribution
Private 13.71 15.08 17.20 19.19
Foreign holdings in select Indian power companies trend is +ve
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DISCLAIMER
POWEROctober 2007
This presentation has been prepared jointly by the India Brand
Equity Foundation (IBEF) and ICRA Management Consulting
Services Limited, IMaCS (Authors).
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approval o IBEF.
This presentation is or inormation purposes only. While due
care has been taken during the compilation o this presentation
to ensure that the inormation is accurate to the best o the
Authors and IBEFs knowledge and belie, the content is not
to be construed in any manner whatsoever as a substitute or
proessional advice.
The Author and IBEF neither recommend or endorse any
specic products or services that may have been mentioned
in this presentation and nor do they assume any liability or
responsibility or the outcome o decisions taken as a result
o any reliance placed in this presentation.Neither the Author nor IBEF shall be liable or any direct or
indirect damages that may arise due to any act or omission
on the part o the user due to any reliance placed or guidance
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