Essar Power FY 2013 net loss at INR 512 crore

Press Trust of India reported that Essar Power net loss of INR 512 crore for the financial year ended March 31st 2013.

The company net profit of INR 335 crore in the financial year 2011 to 2012. The company recorded net revenues of INR 2,371 crore as compared to INR 1,378 crore in FY 2012.

There was a whopping 85 per cent increase in power generation from the company’s thermal power plants at 9,061 million units against 4,926 million units in the same period last fiscal.

Mr KVB Reddy executive director of Essar Power said that “We commissioned both units of Salaya power plant (2×600 MW), received final forest clearance for Aries Mine development received forest clearance for Mahan, and also signed a few long term PPAs. However, slow pace of regulatory clearances for some captive mines and adverse impact of the Indonesian law on imported coal based projects such as Salaya is a concern.”

Essar said that it will convert two gas fired plants with combined capacity of 1,015 MW to imported coal fired plants with 430 MW capacity to overcome gas availability and cost constraints. Ongoing high gas prices, with little prospect of this situation changing for the foreseeable future, has led to a review of our current gas fired generation portfolio. It is proposed to convert the Hazira 515 MW and Bhander 500 MW power stations to coal fired boilers based on imported coal.

Source – Press Trust of India

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