NTPC
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NTPC says Commercial Operation Of Pakri Barwadih North West Coal Mine Declared Effective April 1
April 1 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - COMMERCIAL OPERATION OF PAKRI BARWADIH NORTH WEST COAL MINE DECLARED EFFECTIVE APRIL 1, 2026
Source text: ID:nBSE8HVhkJ
Further company coverage: NTPC.NS
April 1 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - COMMERCIAL OPERATION OF PAKRI BARWADIH NORTH WEST COAL MINE DECLARED EFFECTIVE APRIL 1, 2026
Source text: ID:nBSE8HVhkJ
Further company coverage: NTPC.NS
Enviro Infra Engineers Ltd Receives LoA From NTPC For Bess Projects In Two States
March 30 (Reuters) - Enviro Infra Engineers Ltd ENVI.NS:
ENVIRO INFRA ENGINEERS LTD - RECEIVES LOA FROM NTPC FOR BESS PROJECTS IN TWO STATES
ENVIRO INFRA ENGINEERS LTD - CONTRACT SIZE IS 4.06 BILLION RUPEES EXCLUDING GST
Source text: ID:nBSE945316
Further company coverage: ENVI.NS
March 30 (Reuters) - Enviro Infra Engineers Ltd ENVI.NS:
ENVIRO INFRA ENGINEERS LTD - RECEIVES LOA FROM NTPC FOR BESS PROJECTS IN TWO STATES
ENVIRO INFRA ENGINEERS LTD - CONTRACT SIZE IS 4.06 BILLION RUPEES EXCLUDING GST
Source text: ID:nBSE945316
Further company coverage: ENVI.NS
INDIA DELAYS BY ONE YEAR ITS PLAN TO ORDER COAL-FIRED POWER PLANTS TO RUN AT LOWER OUTPUT LEVELS -GOVT DOCUMENT
Plan seeks to cut minimum coal output to 40% from 55%
Regulators yet to agree on coal compensation rules
Delay risks wasted solar investment, higher emissions
Top coal user China has more ambitious plans to cut
By Sudarshan Varadhan
SINGAPORE, March 25 (Reuters) - India has pushed back by a year its plan for coal-fired power plants to lower output when solar generation is high, as regulators work out how to compensate for the higher costs of retrofitting entailed, documents reviewed by Reuters show.
Analysts say lack of flexible generation of coal power as India expands renewable capacity threatens to waste green investments, swell compensation costs and boost emissions from greater coal use that could otherwise have been avoided.
The move comes at a time when the world's second largest user of coal is curbing solar output for lack of dedicated transmission lines, while coal-fired capacity wrestles with operational constraints.
Solar generators told to cut output as India's coal plants could not ramp down could get compensation of as much as $76 million for the eight months ended December, energy think-tank Ember estimates, a cost that will be passed on to consumers.
Government officials blamed the delay of a year on the absence of rules to compensate coal plants for higher costs of maintenance and retrofitting needed to cut the minimum use rate to 40% from 55%, the minutes of a January 16 meeting showed.
Retrofitting coal plants would swell tariffs by as little as 0.28 rupees to 0.60 rupees per kilowatt-hour, versus 5.76 rupees to 6.04 rupees for battery storage, making flexible coal at least 10 times cheaper, the Central Electricity Authority (CEA) said at the meeting.
India's power ministry did not respond to requests seeking comment.
CHINA'S MORE AMBITIOUS COAL PHASEDOWN
Unveiled in 2023 with its first phase making slow progress, the plan is less ambitious than efforts by China, which last year cut the minimum coal plant utilisation rate to a range of 25% to 40% from 50% to 60% to boost renewables use.
Indian state coal plant operator NTPC NTPC.NS warned the January meeting against "accelerated wear and tear of critical equipment" that stems from operating at minimum loads of 40%.
NTPC urged "detailed studies" on ways to cut use to avoid such damage, adding that its new project contracts included the 40% requirement.
But CEA officials responded that other countries' coal plants running at lower levels of output have been shown to operate safely if properly retrofitted.
The federal regulator has yet to approve the higher maintenance costs proposed by CEA, citing lack of operational data, the agency's presentation showed.
Senior officials of the federal power ministry, CEA, the federal regulator, the grid operator, NTPC and industry lobby group Association of Power Producers agreed to study the impact of the plan based on latest cost estimates, the minutes showed.
(Reporting by Sudarshan Varadhan; Editing by Clarence Fernandez)
((sudarshan.varadhan@thomsonreuters.com; +65 91164984;))
Plan seeks to cut minimum coal output to 40% from 55%
Regulators yet to agree on coal compensation rules
Delay risks wasted solar investment, higher emissions
Top coal user China has more ambitious plans to cut
By Sudarshan Varadhan
SINGAPORE, March 25 (Reuters) - India has pushed back by a year its plan for coal-fired power plants to lower output when solar generation is high, as regulators work out how to compensate for the higher costs of retrofitting entailed, documents reviewed by Reuters show.
Analysts say lack of flexible generation of coal power as India expands renewable capacity threatens to waste green investments, swell compensation costs and boost emissions from greater coal use that could otherwise have been avoided.
The move comes at a time when the world's second largest user of coal is curbing solar output for lack of dedicated transmission lines, while coal-fired capacity wrestles with operational constraints.
Solar generators told to cut output as India's coal plants could not ramp down could get compensation of as much as $76 million for the eight months ended December, energy think-tank Ember estimates, a cost that will be passed on to consumers.
Government officials blamed the delay of a year on the absence of rules to compensate coal plants for higher costs of maintenance and retrofitting needed to cut the minimum use rate to 40% from 55%, the minutes of a January 16 meeting showed.
Retrofitting coal plants would swell tariffs by as little as 0.28 rupees to 0.60 rupees per kilowatt-hour, versus 5.76 rupees to 6.04 rupees for battery storage, making flexible coal at least 10 times cheaper, the Central Electricity Authority (CEA) said at the meeting.
India's power ministry did not respond to requests seeking comment.
CHINA'S MORE AMBITIOUS COAL PHASEDOWN
Unveiled in 2023 with its first phase making slow progress, the plan is less ambitious than efforts by China, which last year cut the minimum coal plant utilisation rate to a range of 25% to 40% from 50% to 60% to boost renewables use.
Indian state coal plant operator NTPC NTPC.NS warned the January meeting against "accelerated wear and tear of critical equipment" that stems from operating at minimum loads of 40%.
NTPC urged "detailed studies" on ways to cut use to avoid such damage, adding that its new project contracts included the 40% requirement.
But CEA officials responded that other countries' coal plants running at lower levels of output have been shown to operate safely if properly retrofitted.
The federal regulator has yet to approve the higher maintenance costs proposed by CEA, citing lack of operational data, the agency's presentation showed.
Senior officials of the federal power ministry, CEA, the federal regulator, the grid operator, NTPC and industry lobby group Association of Power Producers agreed to study the impact of the plan based on latest cost estimates, the minutes showed.
(Reporting by Sudarshan Varadhan; Editing by Clarence Fernandez)
((sudarshan.varadhan@thomsonreuters.com; +65 91164984;))
India File: War and a searing summer test coal readiness
India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.
March 24 - By Nidhi C Sai, Editor Online Production, with global Reuters staff
India is bracing for a torrid summer just as the Middle East conflict upends global fuel flows, forcing New Delhi to try every trick in the book to meet peak demand for electricity. That includes accelerating coal power generation, bringing wind power projects to the grid, and speeding up completion of battery energy storage projects.
But with coal producing as much as 75% of its electricity, how India manages the resource will largely determine whether blackouts will be the norm or the exception over the next few months. After cooking gas, will a paucity of power be the next big disrupting factor in the lives of millions of Indians? That’s our focus this week.
And, India's proposal to preload national ID app Aadhaar on smartphones faces pushback. Scroll down for more on that.
THIS WEEK IN ASIA
Japan's core inflation slows below BOJ target, complicates rate communication
China pledges more balanced trade and further opening of the economy after record surplus
Kim Jong Un says North Korea’s nuclear status is irreversible, threatens South
Australia, EU seal long-awaited trade deal amid global trade tensions
Vietnam Communist Party meets, with new state leaders set to be nominated
LOVE AFFAIR WITH COAL REKINDLED
A hotter-than-normal summer beckons, with the Indian meteorological service predicting an above-average number of heatwave days in April-June this year. Power demand is expected to touch a record 270 gigawatts during the season, government estimates show.
While the summer months would even otherwise stretch the country’s power system during peak demand, what has made the situation acute this year is the Middle East conflict, which has squeezed gas supplies. While gas accounts for only around 2% of its total power generation, India uses about 8 GW of gas power during peak-demand periods or heat waves.
That has sent New Delhi and states scrambling to shore up coal-fired power, which the South Asian nation is trying to reduce over the longer term as it meets its decarbonisation commitments.
The western state of Gujarat set the ball rolling by approving last week a revised power supply pact with Tata Power TTPW.NS and clearing the way for the company to resume long-term supply from its 4 GW Mundra power plant. Built to run on imported coal, the plant has sat idle for months as government compensation rules expired.
The central government has now mandated the Mundra power plant to run at full capacity from April 1 to June 30 and could extend the directive to other plants running on imported coal depending on the demand.
India is the world's second-largest producer and consumer of coal. It has 210 million tons of coal stock, enough for 88 days of consumption, and the government has instructed coal-based utilities to avoid outages, bring units back from maintenance and be ready to run flat-out.
Prime Minister Narendra Modi said on Monday that India has adequate coal supplies to meet rising electricity demand despite energy disruptions triggered by the Middle East conflict.
Gas is the weak link. India has invoked emergency clauses to divert scarce gas to households and fertiliser plants.
Read our last India File edition which looks at the struggle by households and businesses to adapt to the cooking gas supply crunch.
Gas supplies from Qatar and Abu Dhabi have been hit by the U.S.-Israeli war on Iran, forcing suppliers to declare force majeure and freezing India's summer liquefied natural gas (LNG) tenders. And top utility NTPC NTPC.NS says it cannot offer gas-fired generation during April-June.
The Middle East conflict has forced Asian utilities from Bangladesh to Japan to switch back to coal as LNG prices double and shipments through the Strait of Hormuz stall.
OPTIMISM ON BATTERY POWER
Longer term, India's National Generation Adequacy Plan forecasts a quadrupling of solar and tripling of wind by 2035-36, pushing non-fossil capacity to 786 GW and reducing coal’s share of generation to below 50%.
That transition assumes sharp growth in storage, with pumped hydro expected to surge 13-fold and battery storage to hit 80 GW by 2035-36 from 0.27 GW currently.
The growth potential is already drawing heavyweight interest. Tesla TSLA.O has begun recruiting for its India energy-storage business, joining the Reliance and Adani groups in building utility-scale storage.
The government is also working on speeding up completion of battery energy-storage projects to meet demand in summer evenings, when solar generation fades but cooling demand from households remains high.
"About 2.5 gigawatt hours of battery storage is already under commissioning, and we hope that gets commissioned very fast," Power Secretary Pankaj Agarwal told Reuters.
India’s all-fuels-on-deck mobilisation - coal at maximum output, renewables eased into the grid, and storage accelerated - is its first stress test of what a power system looks like when hit by the double whammy of climate and geopolitical volatility.
What does a truly secure power system look like for India? Write to me at nidhi.csai@thomsonreuters.com
MARKET MATTERS
Foreign selling in Indian equities surged in early March, with financial stocks leading the heaviest fortnightly outflows in 17 months and dragging the Nifty 50 .NSEI to its worst two-week stretch since the COVID-19 market rout of March 2020.
Read this report by Reuters journalist Bharath Rajeswaran.
THIS WEEK'S MUST READ
India’s government privately proposed that smartphone makers such as Apple AAPL.O, Samsung 005930.KS and Google consider pre-installing the Aadhaar identification app on devices to expand access, but the move faced strong pushback from industry groups citing security, cost and production concerns.
Companies argued mandatory preloads would require separate manufacturing lines and offer limited public benefit, highlighting growing tensions between New Delhi and tech firms over government-backed apps on smartphones.
Read this exclusive report by Reuters journalists Aditya Kalra and Munsif Vengattil.
India's Nifty 50 posts steepest fortnightly decline in six years in first half of March 2026 https://reut.rs/47CeYF2
(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)
((Nidhi.CSai@thomsonreuters.com; +91 70456 55251))
India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.
March 24 - By Nidhi C Sai, Editor Online Production, with global Reuters staff
India is bracing for a torrid summer just as the Middle East conflict upends global fuel flows, forcing New Delhi to try every trick in the book to meet peak demand for electricity. That includes accelerating coal power generation, bringing wind power projects to the grid, and speeding up completion of battery energy storage projects.
But with coal producing as much as 75% of its electricity, how India manages the resource will largely determine whether blackouts will be the norm or the exception over the next few months. After cooking gas, will a paucity of power be the next big disrupting factor in the lives of millions of Indians? That’s our focus this week.
And, India's proposal to preload national ID app Aadhaar on smartphones faces pushback. Scroll down for more on that.
THIS WEEK IN ASIA
Japan's core inflation slows below BOJ target, complicates rate communication
China pledges more balanced trade and further opening of the economy after record surplus
Kim Jong Un says North Korea’s nuclear status is irreversible, threatens South
Australia, EU seal long-awaited trade deal amid global trade tensions
Vietnam Communist Party meets, with new state leaders set to be nominated
LOVE AFFAIR WITH COAL REKINDLED
A hotter-than-normal summer beckons, with the Indian meteorological service predicting an above-average number of heatwave days in April-June this year. Power demand is expected to touch a record 270 gigawatts during the season, government estimates show.
While the summer months would even otherwise stretch the country’s power system during peak demand, what has made the situation acute this year is the Middle East conflict, which has squeezed gas supplies. While gas accounts for only around 2% of its total power generation, India uses about 8 GW of gas power during peak-demand periods or heat waves.
That has sent New Delhi and states scrambling to shore up coal-fired power, which the South Asian nation is trying to reduce over the longer term as it meets its decarbonisation commitments.
The western state of Gujarat set the ball rolling by approving last week a revised power supply pact with Tata Power TTPW.NS and clearing the way for the company to resume long-term supply from its 4 GW Mundra power plant. Built to run on imported coal, the plant has sat idle for months as government compensation rules expired.
The central government has now mandated the Mundra power plant to run at full capacity from April 1 to June 30 and could extend the directive to other plants running on imported coal depending on the demand.
India is the world's second-largest producer and consumer of coal. It has 210 million tons of coal stock, enough for 88 days of consumption, and the government has instructed coal-based utilities to avoid outages, bring units back from maintenance and be ready to run flat-out.
Prime Minister Narendra Modi said on Monday that India has adequate coal supplies to meet rising electricity demand despite energy disruptions triggered by the Middle East conflict.
Gas is the weak link. India has invoked emergency clauses to divert scarce gas to households and fertiliser plants.
Read our last India File edition which looks at the struggle by households and businesses to adapt to the cooking gas supply crunch.
Gas supplies from Qatar and Abu Dhabi have been hit by the U.S.-Israeli war on Iran, forcing suppliers to declare force majeure and freezing India's summer liquefied natural gas (LNG) tenders. And top utility NTPC NTPC.NS says it cannot offer gas-fired generation during April-June.
The Middle East conflict has forced Asian utilities from Bangladesh to Japan to switch back to coal as LNG prices double and shipments through the Strait of Hormuz stall.
OPTIMISM ON BATTERY POWER
Longer term, India's National Generation Adequacy Plan forecasts a quadrupling of solar and tripling of wind by 2035-36, pushing non-fossil capacity to 786 GW and reducing coal’s share of generation to below 50%.
That transition assumes sharp growth in storage, with pumped hydro expected to surge 13-fold and battery storage to hit 80 GW by 2035-36 from 0.27 GW currently.
The growth potential is already drawing heavyweight interest. Tesla TSLA.O has begun recruiting for its India energy-storage business, joining the Reliance and Adani groups in building utility-scale storage.
The government is also working on speeding up completion of battery energy-storage projects to meet demand in summer evenings, when solar generation fades but cooling demand from households remains high.
"About 2.5 gigawatt hours of battery storage is already under commissioning, and we hope that gets commissioned very fast," Power Secretary Pankaj Agarwal told Reuters.
India’s all-fuels-on-deck mobilisation - coal at maximum output, renewables eased into the grid, and storage accelerated - is its first stress test of what a power system looks like when hit by the double whammy of climate and geopolitical volatility.
What does a truly secure power system look like for India? Write to me at nidhi.csai@thomsonreuters.com
MARKET MATTERS
Foreign selling in Indian equities surged in early March, with financial stocks leading the heaviest fortnightly outflows in 17 months and dragging the Nifty 50 .NSEI to its worst two-week stretch since the COVID-19 market rout of March 2020.
Read this report by Reuters journalist Bharath Rajeswaran.
THIS WEEK'S MUST READ
India’s government privately proposed that smartphone makers such as Apple AAPL.O, Samsung 005930.KS and Google consider pre-installing the Aadhaar identification app on devices to expand access, but the move faced strong pushback from industry groups citing security, cost and production concerns.
Companies argued mandatory preloads would require separate manufacturing lines and offer limited public benefit, highlighting growing tensions between New Delhi and tech firms over government-backed apps on smartphones.
Read this exclusive report by Reuters journalists Aditya Kalra and Munsif Vengattil.
India's Nifty 50 posts steepest fortnightly decline in six years in first half of March 2026 https://reut.rs/47CeYF2
(Reporting by Nidhi C Sai; Editing by Muralikumar Anantharaman)
((Nidhi.CSai@thomsonreuters.com; +91 70456 55251))
NTPC Signs MoU With Octopus Energy Group For Strategic Collaboration
March 19 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - SIGNS MOU WITH OCTOPUS ENERGY GROUP FOR STRATEGIC COLLABORATION
Further company coverage: NTPC.NS
March 19 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - SIGNS MOU WITH OCTOPUS ENERGY GROUP FOR STRATEGIC COLLABORATION
Further company coverage: NTPC.NS
India to boost coal use for summer power as Mideast crisis hits LNG supplies
By Sethuraman N R
NEW DELHI, March 10 (Reuters) - India will likely lean more on its coal capacity to meet peak power demand this summer as liquefied natural gas supplies tighten after shipping disruptions linked to the U.S.-Israeli war on Iran hit exports from major producers, two industry officials said.
New Delhi typically pushes power plants to ramp up generation during the April-June summer months, including costly gas-fired generation, to meet surging electricity demand and subsidises the cost for companies to shield customers from higher prices.
But so far the government has received no bids from power companies to supply 12,000 megawatt-hour of gas-based power for the summer months, an official with knowledge of the matter said. The tender will close in the next two days.
A second official said the power ministry is looking to bring coal plants out of planned outages and advising generators to avoid shutdowns during the peak summer months.
Top utility NTPC NTPC.NS has already told India's grid regulator it will not be able to supply gas-fired power during the April–June summer months, two company sources said.
NTPC and the federal power ministry did not respond to Reuters emails seeking comment.
EMERGENCY PROVISIONS
India has invoked emergency provisions and declared force majeure, reprioritising natural gas supplies to key sectors such as households and fertiliser plants.
India's Petronet LNG Ltd PLNG.NS, the country's top gas importer, has also issued a force majeure notice to customers including top power suppliers GAIL (India) Ltd, Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS after supplies from Qatar and Abu Dhabi National Oil Company were halted.
The country has about 20 gigawatts (GW) of gas-based generation capacity, which typically operates at 6-10% utilisation due to costly LNG, but rises to about 30% during the summer months.
Even if peak demand reaches 250–260 GW this summer, India is unlikely to face material power cuts given ample coal, lignite, nuclear, hydro and wind capacity, said Gautam Shahi, senior director at Crisil Ratings.
India relies on coal power for nearly 75% of its power generation.
"India's thermal coal market is seeing steady import demand, particularly for coal grades used by power producers," said Vasudev Pamnani, director at Gujarat-based coal trader i-Energy Resources.
(Reporting by Sethuraman NR; Editing by Saad Sayeed)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net/))
By Sethuraman N R
NEW DELHI, March 10 (Reuters) - India will likely lean more on its coal capacity to meet peak power demand this summer as liquefied natural gas supplies tighten after shipping disruptions linked to the U.S.-Israeli war on Iran hit exports from major producers, two industry officials said.
New Delhi typically pushes power plants to ramp up generation during the April-June summer months, including costly gas-fired generation, to meet surging electricity demand and subsidises the cost for companies to shield customers from higher prices.
But so far the government has received no bids from power companies to supply 12,000 megawatt-hour of gas-based power for the summer months, an official with knowledge of the matter said. The tender will close in the next two days.
A second official said the power ministry is looking to bring coal plants out of planned outages and advising generators to avoid shutdowns during the peak summer months.
Top utility NTPC NTPC.NS has already told India's grid regulator it will not be able to supply gas-fired power during the April–June summer months, two company sources said.
NTPC and the federal power ministry did not respond to Reuters emails seeking comment.
EMERGENCY PROVISIONS
India has invoked emergency provisions and declared force majeure, reprioritising natural gas supplies to key sectors such as households and fertiliser plants.
India's Petronet LNG Ltd PLNG.NS, the country's top gas importer, has also issued a force majeure notice to customers including top power suppliers GAIL (India) Ltd, Indian Oil Corp IOC.NS and Bharat Petroleum Corp BPCL.NS after supplies from Qatar and Abu Dhabi National Oil Company were halted.
The country has about 20 gigawatts (GW) of gas-based generation capacity, which typically operates at 6-10% utilisation due to costly LNG, but rises to about 30% during the summer months.
Even if peak demand reaches 250–260 GW this summer, India is unlikely to face material power cuts given ample coal, lignite, nuclear, hydro and wind capacity, said Gautam Shahi, senior director at Crisil Ratings.
India relies on coal power for nearly 75% of its power generation.
"India's thermal coal market is seeing steady import demand, particularly for coal grades used by power producers," said Vasudev Pamnani, director at Gujarat-based coal trader i-Energy Resources.
(Reporting by Sethuraman NR; Editing by Saad Sayeed)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net/))
India New Issue-NEEPCO accepts bids for staggered redemption bonds, bankers say
MUMBAI, March 9 (Reuters) - India's North Eastern Electric Power Corporation (NEEPCO) accepted bids worth 4 billion rupees ($43.32 million) for the sale of staggered redemption bonds maturing in 10 years, three bankers said on Monday.
The state-run firm will pay a coupon of 7.74% and had invited commitment bids for the issue earlier in the day, they said. The bonds will have a call option after five years, they added.
NEEPCO did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 9:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NEEPCO Staggered Redemption Bonds | 10 years | 7.59 | 4 | March 9 | AA (Care, India Ratings) |
IIFL Finance | 1 year 15 days | 8.60 | 5 | March 9 | AA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 92.3350 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)
MUMBAI, March 9 (Reuters) - India's North Eastern Electric Power Corporation (NEEPCO) accepted bids worth 4 billion rupees ($43.32 million) for the sale of staggered redemption bonds maturing in 10 years, three bankers said on Monday.
The state-run firm will pay a coupon of 7.74% and had invited commitment bids for the issue earlier in the day, they said. The bonds will have a call option after five years, they added.
NEEPCO did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 9:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NEEPCO Staggered Redemption Bonds | 10 years | 7.59 | 4 | March 9 | AA (Care, India Ratings) |
IIFL Finance | 1 year 15 days | 8.60 | 5 | March 9 | AA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 92.3350 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)
India New Issue-NEEPCO to issue staggered redemption bonds, bankers say
MUMBAI, March 5 (Reuters) - India's North Eastern Electric Power Corporation (NEEPCO) plans to raise at least 7.5 billion rupees ($81.85 million), including a greenshoe option of 5 billion rupees, through the sale of staggered redemption bonds maturing in 10 years, three bankers said on Thursday.
The state-run firm invited coupon and commitment bids for the issue on Monday, they said. The bonds will have a call option after five years, they added.
NEEPCO did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NEEPCO Staggered Redemption Bonds | 10 years | To be decided | 2.5+5 | March 9 | AA (Care, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 91.6275 Indian rupees)
(Reporting by Dharamraj Dhutia, Khushi Malhotra; Editing by Harikrishnan Nair)
MUMBAI, March 5 (Reuters) - India's North Eastern Electric Power Corporation (NEEPCO) plans to raise at least 7.5 billion rupees ($81.85 million), including a greenshoe option of 5 billion rupees, through the sale of staggered redemption bonds maturing in 10 years, three bankers said on Thursday.
The state-run firm invited coupon and commitment bids for the issue on Monday, they said. The bonds will have a call option after five years, they added.
NEEPCO did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on March 5:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
NEEPCO Staggered Redemption Bonds | 10 years | To be decided | 2.5+5 | March 9 | AA (Care, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 91.6275 Indian rupees)
(Reporting by Dharamraj Dhutia, Khushi Malhotra; Editing by Harikrishnan Nair)
NTPC Gets Total Tax Demand For 199.7 Million Rupees
Feb 27 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - GETS TOTAL TAX DEMAND FOR 199.7 MILLION RUPEES
Source text: ID:nBSE7q4p8y
Further company coverage: NTPC.NS
Feb 27 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - GETS TOTAL TAX DEMAND FOR 199.7 MILLION RUPEES
Source text: ID:nBSE7q4p8y
Further company coverage: NTPC.NS
NTPC Says First Part Capacity Of Dayapar Wind Energy Project Of Unit Declared On Commercial Operation
Feb 26 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - FIRST PART CAPACITY OF 50 MW OUT OF 200 MW DAYAPAR WIND ENERGY PROJECT OF UNIT DECLARED ON COMMERCIAL OPERATION
Source text: ID:nNSEbYPWbk
Further company coverage: NTPC.NS
Feb 26 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - FIRST PART CAPACITY OF 50 MW OUT OF 200 MW DAYAPAR WIND ENERGY PROJECT OF UNIT DECLARED ON COMMERCIAL OPERATION
Source text: ID:nNSEbYPWbk
Further company coverage: NTPC.NS
NTPC Installed Capacity Now 88,132 MW
Feb 25 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - GROUP INSTALLED CAPACITY NOW 88,132 MW
Source text: ID:nBSEcfCWH5
Further company coverage: NTPC.NS
Feb 25 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - GROUP INSTALLED CAPACITY NOW 88,132 MW
Source text: ID:nBSEcfCWH5
Further company coverage: NTPC.NS
NTPC Says COD Declared For 158.4 MW Of 250 MW Solar Project In Andhra Pradesh
Feb 20 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - COD DECLARED FOR 158.4 MW OF 250 MW SOLAR PROJECT IN ANDHRA PRADESH
Source text: ID:nBSE81WMfD
Further company coverage: NTPC.NS
Feb 20 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - COD DECLARED FOR 158.4 MW OF 250 MW SOLAR PROJECT IN ANDHRA PRADESH
Source text: ID:nBSE81WMfD
Further company coverage: NTPC.NS
NTPC Says NSPCL Declares COD Of Additional 5 MW Solar Capacity
Feb 16 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - NSPCL DECLARES COD OF ADDITIONAL 5 MW SOLAR CAPACITY
Source text: ID:nBSE6Hvt2W
Further company coverage: NTPC.NS
Feb 16 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - NSPCL DECLARES COD OF ADDITIONAL 5 MW SOLAR CAPACITY
Source text: ID:nBSE6Hvt2W
Further company coverage: NTPC.NS
NTPC Says 14.43 MW Khavda-I Solar PV Project Operational
Feb 9 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - 14.43 MW KHAVDA-I SOLAR PV PROJECT OPERATIONAL FROM 10 FEB 2026
Source text: ID:nNSE6JNh0z
Further company coverage: NTPC.NS
Feb 9 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - 14.43 MW KHAVDA-I SOLAR PV PROJECT OPERATIONAL FROM 10 FEB 2026
Source text: ID:nNSE6JNh0z
Further company coverage: NTPC.NS
NTPC Q3 Consol Net Profit 54.89 Billion Rupees
Jan 30 (Reuters) - NTPC Ltd NTPC.NS:
NTPC Q3 CONSOL NET PROFIT 54.89 BILLION RUPEES
NTPC Q3 CONSOL REVENUE FROM OPERATIONS 458.46 BILLION RUPEES
NTPC - DIVIDEND 2.75 RUPEES PER SHARE
Further company coverage: NTPC.NS
Jan 30 (Reuters) - NTPC Ltd NTPC.NS:
NTPC Q3 CONSOL NET PROFIT 54.89 BILLION RUPEES
NTPC Q3 CONSOL REVENUE FROM OPERATIONS 458.46 BILLION RUPEES
NTPC - DIVIDEND 2.75 RUPEES PER SHARE
Further company coverage: NTPC.NS
India to stop setting annual clean energy tender targets, official says
NEW DELHI, Jan 27 (Reuters) - India will stop setting annual targets for clean energy tenders after missing last year's goal and building up a large backlog of projects without buyers, a senior government official said.
Indian developers are already sitting on the rights to build around 43 gigawatts of renewable power for which they have yet to find customers. State utilities have delayed buying clean power, expecting prices to fall and citing uncertainty over power delivery due to delays in transmission infrastructure.
India's clean energy ministry has asked renewable implementation agencies to find buyers for the power from those tenders, Reuters reported in November.
"As per their (implementation agencies') initial evaluation, they are still confident that they will be able to sell quite a lot of power out of that (backlog)," Santosh Kumar Sarangi, a top official at the Ministry of New and Renewable Energy, told Reuters in an interview.
Sarangi said less than half of the unsold capacity may be cancelled.
Against this backdrop, the government plans to change how clean energy tenders are issued, moving away from fixed annual targets. Instead, new tenders will be floated only after assessing demand from state power utilities, Sarangi said.
India had initially planned to auction about 50 GW of new clean energy capacity last year but ended up tendering only around 15 GW, after auctioning about 50 GW each in 2023 and 2024.
Despite the slowdown, Sarangi said India remains on track to meet its target of 500 GW of non-fossil fuel power capacity by 2030. The country added about 38 GW of clean energy capacity in 2025.
"We are not looking at a figure because we have pending bids that need to be finalised," Sarangi said, adding that agencies are engaging with state governments to assess demand.
The Ministry of New and Renewable Energy may also consider changes to the structure of renewable energy implementation agencies, he said.
Power producers NTPC NTPC.NS, NHPC NHPC.NS and SJVN SJVN.NS, which also act as federal renewable tendering agencies, could be relieved of that role, potentially leaving the Solar Energy Corp of India (SECI) as the main agency handling clean energy tenders.
The power producers have asked the government to relieve them from their role as implementation agencies and the government is evaluating the requests, the official said.
Among these agencies, NHPC has the largest volume of unsold tenders at about 15.8 GW, while SECI has the smallest at around 3.9 GW, according to a power ministry document reviewed by Reuters.
(Reporting by Sethuraman NR; editing by Mayank Bhardwaj)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
NEW DELHI, Jan 27 (Reuters) - India will stop setting annual targets for clean energy tenders after missing last year's goal and building up a large backlog of projects without buyers, a senior government official said.
Indian developers are already sitting on the rights to build around 43 gigawatts of renewable power for which they have yet to find customers. State utilities have delayed buying clean power, expecting prices to fall and citing uncertainty over power delivery due to delays in transmission infrastructure.
India's clean energy ministry has asked renewable implementation agencies to find buyers for the power from those tenders, Reuters reported in November.
"As per their (implementation agencies') initial evaluation, they are still confident that they will be able to sell quite a lot of power out of that (backlog)," Santosh Kumar Sarangi, a top official at the Ministry of New and Renewable Energy, told Reuters in an interview.
Sarangi said less than half of the unsold capacity may be cancelled.
Against this backdrop, the government plans to change how clean energy tenders are issued, moving away from fixed annual targets. Instead, new tenders will be floated only after assessing demand from state power utilities, Sarangi said.
India had initially planned to auction about 50 GW of new clean energy capacity last year but ended up tendering only around 15 GW, after auctioning about 50 GW each in 2023 and 2024.
Despite the slowdown, Sarangi said India remains on track to meet its target of 500 GW of non-fossil fuel power capacity by 2030. The country added about 38 GW of clean energy capacity in 2025.
"We are not looking at a figure because we have pending bids that need to be finalised," Sarangi said, adding that agencies are engaging with state governments to assess demand.
The Ministry of New and Renewable Energy may also consider changes to the structure of renewable energy implementation agencies, he said.
Power producers NTPC NTPC.NS, NHPC NHPC.NS and SJVN SJVN.NS, which also act as federal renewable tendering agencies, could be relieved of that role, potentially leaving the Solar Energy Corp of India (SECI) as the main agency handling clean energy tenders.
The power producers have asked the government to relieve them from their role as implementation agencies and the government is evaluating the requests, the official said.
Among these agencies, NHPC has the largest volume of unsold tenders at about 15.8 GW, while SECI has the smallest at around 3.9 GW, according to a power ministry document reviewed by Reuters.
(Reporting by Sethuraman NR; editing by Mayank Bhardwaj)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
NTPC To Become Sole Promoter Of PTC India
Jan 23 (Reuters) - PTC India Ltd PTCI.NS:
NTPC TO BECOME SOLE PROMOTER OF CO
Source text: ID:nBSE8hKTLQ
Further company coverage: PTCI.NS
Jan 23 (Reuters) - PTC India Ltd PTCI.NS:
NTPC TO BECOME SOLE PROMOTER OF CO
Source text: ID:nBSE8hKTLQ
Further company coverage: PTCI.NS
NTPC Says Declaration Of COD Of Third Part Capacity Of 37.5 MW Solar
Jan 16 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - DECLARATION OF COD OF THIRD PART CAPACITY OF 37.5 MW SOLAR
Source text: ID:nBSEbzjK
Further company coverage: NTPC.NS
Jan 16 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - DECLARATION OF COD OF THIRD PART CAPACITY OF 37.5 MW SOLAR
Source text: ID:nBSEbzjK
Further company coverage: NTPC.NS
NTPC Says 300Mw Of Bhadla Solar PV Project Declared Operational
Jan 15 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - 300MW OF BHADLA SOLAR PV PROJECT DECLARED OPERATIONAL
Source text: ID:nBSE1pVsXs
Further company coverage: NTPC.NS
Jan 15 (Reuters) - NTPC Ltd NTPC.NS:
NTPC - 300MW OF BHADLA SOLAR PV PROJECT DECLARED OPERATIONAL
Source text: ID:nBSE1pVsXs
Further company coverage: NTPC.NS
NTPC Says Has Not Entered Into Any Agreement For Partnership With CCTE
Jan 2 (Reuters) - NTPC Ltd NTPC.NS:
HAS NOT ENTERED INTO ANY AGREEMENT FOR PARTNERSHIP WITH CCTE
Source text: ID:nBSEbyxfFY
Further company coverage: NTPC.NS
Jan 2 (Reuters) - NTPC Ltd NTPC.NS:
HAS NOT ENTERED INTO ANY AGREEMENT FOR PARTNERSHIP WITH CCTE
Source text: ID:nBSEbyxfFY
Further company coverage: NTPC.NS
Over 100 injured as monorail trains crash at Indian hydropower site
By Saurabh Sharma
NEW DELHI, Dec 31 (Reuters) - Two monorail trains collided at a hydropower plant being built in India's northern state of Uttarakhand late on Tuesday and at least 109 workers were injured, a district official told Reuters.
Most of the workers sustained minor injuries, said the official. Four suffered fractures.
The trains collided inside a tunnel in Pipalkoti, the site of an upcoming hydropower project by Tehri Hydro Development Corp (THDC), owned in part by NTPC Ltd NTPC.NS.
Gaurav Kumar, the top administrative officer in the area, told Reuters by telephone that the accident occurred on Tuesday night after the brakes of one of the monorail trains failed.
The trains were being used to ferry workers and carry construction material.
Kumar said the tracks had been cleared and that work on the project would resume on Wednesday.
Hydropower accounts for about 51 gigawatts of India's installed power capacity of about 505 gigawatts, with Uttarakhand home to more than 10 operating hydropower plants with about 2.0 gigwatts capacity and several projects under construction.
(Reporting by Saurabh Sharma; Editing by Raju Gopalakrishnan)
By Saurabh Sharma
NEW DELHI, Dec 31 (Reuters) - Two monorail trains collided at a hydropower plant being built in India's northern state of Uttarakhand late on Tuesday and at least 109 workers were injured, a district official told Reuters.
Most of the workers sustained minor injuries, said the official. Four suffered fractures.
The trains collided inside a tunnel in Pipalkoti, the site of an upcoming hydropower project by Tehri Hydro Development Corp (THDC), owned in part by NTPC Ltd NTPC.NS.
Gaurav Kumar, the top administrative officer in the area, told Reuters by telephone that the accident occurred on Tuesday night after the brakes of one of the monorail trains failed.
The trains were being used to ferry workers and carry construction material.
Kumar said the tracks had been cleared and that work on the project would resume on Wednesday.
Hydropower accounts for about 51 gigawatts of India's installed power capacity of about 505 gigawatts, with Uttarakhand home to more than 10 operating hydropower plants with about 2.0 gigwatts capacity and several projects under construction.
(Reporting by Saurabh Sharma; Editing by Raju Gopalakrishnan)
NTPC Says Declaration Of COD For 13.98 MW Khavda-I Solar PV Project
Dec 30 (Reuters) - NTPC Ltd NTPC.NS:
DECLARATION OF COD FOR 13.98 MW KHAVDA-I SOLAR PV PROJECT
Source text: ID:nNSE6zq68y
Further company coverage: NTPC.NS
Dec 30 (Reuters) - NTPC Ltd NTPC.NS:
DECLARATION OF COD FOR 13.98 MW KHAVDA-I SOLAR PV PROJECT
Source text: ID:nNSE6zq68y
Further company coverage: NTPC.NS
India rate cut, liquidity boost spur $2.7 billion bond rush
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Dec 5 (Reuters) - A rate cut and easy monetary policy guidance by India's central bank lifted bonds on Friday, triggering $2.7 billion of issuance from state-run companies and lenders, bankers said.
Four state-run firms - REC RECM.NS, Housing and Urban Development Corp HUDC.NS, Power Finance Corp PWFC.NS and NTPC NTPC.NS - and two state-run lenders Indian Bank INBA.NS and Bank of India BOI.NS will raise an aggregate of 240 billion rupees (about $2.7 billion) in the next two weeks, the bankers said.
The Reserve Bank of India cut its key repo rate by 25 basis points and left the door open for further easing as it boosted banking system liquidity by $16 billion in the next two weeks.
This pushed the 10-year government bond yield down 2-3 basis points and 15-to-40 year yields down 7-8 bps, boosting appetite for long-term corporate bonds, the supply of which has been low.
"With policy clarity and a steady rate environment, many long-term investors are keen to lock in yields and diversify duration. As a result, well-rated public sector issuers are likely to see robust appetite for their upcoming bond placements," Vineet Agrawal, co-founder of Jiraaf, a bond trading platform, said.
Indian firms have raised 10.07 trillion rupees through bonds in January-November, and supply for 2025 is set to hit a record.
PFC will aim to raise 35 billion rupees through 15-year bonds, while NTPC could raise 30 billion rupees through 10-year or 15-year papers, the bankers, who declined to be named as they are not authorised to speak to media, said.
HUDCO and REC are likely to raise up to 50 billion rupees each through 10-year deep-discount bonds, they said.
Bank of India aims to raise 30 billion rupees, while Indian Bank will look to raise 50 billion rupees through Basel III-compliant tier II bonds, according to the bankers.
The firms did not reply to Reuters' emails seeking comment.
Bankers said that with the trajectory of yields seen downwards, insurance companies are expected to participate strongly in bidding for these AAA-rated papers.
"We continue to see room for an additional 25-basis-point repo rate cut," said Sachin Bajaj, executive vice president and chief investment officer at Axis Max Life Insurance.
($1 = 89.9480 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
By Dharamraj Dhutia and Khushi Malhotra
MUMBAI, Dec 5 (Reuters) - A rate cut and easy monetary policy guidance by India's central bank lifted bonds on Friday, triggering $2.7 billion of issuance from state-run companies and lenders, bankers said.
Four state-run firms - REC RECM.NS, Housing and Urban Development Corp HUDC.NS, Power Finance Corp PWFC.NS and NTPC NTPC.NS - and two state-run lenders Indian Bank INBA.NS and Bank of India BOI.NS will raise an aggregate of 240 billion rupees (about $2.7 billion) in the next two weeks, the bankers said.
The Reserve Bank of India cut its key repo rate by 25 basis points and left the door open for further easing as it boosted banking system liquidity by $16 billion in the next two weeks.
This pushed the 10-year government bond yield down 2-3 basis points and 15-to-40 year yields down 7-8 bps, boosting appetite for long-term corporate bonds, the supply of which has been low.
"With policy clarity and a steady rate environment, many long-term investors are keen to lock in yields and diversify duration. As a result, well-rated public sector issuers are likely to see robust appetite for their upcoming bond placements," Vineet Agrawal, co-founder of Jiraaf, a bond trading platform, said.
Indian firms have raised 10.07 trillion rupees through bonds in January-November, and supply for 2025 is set to hit a record.
PFC will aim to raise 35 billion rupees through 15-year bonds, while NTPC could raise 30 billion rupees through 10-year or 15-year papers, the bankers, who declined to be named as they are not authorised to speak to media, said.
HUDCO and REC are likely to raise up to 50 billion rupees each through 10-year deep-discount bonds, they said.
Bank of India aims to raise 30 billion rupees, while Indian Bank will look to raise 50 billion rupees through Basel III-compliant tier II bonds, according to the bankers.
The firms did not reply to Reuters' emails seeking comment.
Bankers said that with the trajectory of yields seen downwards, insurance companies are expected to participate strongly in bidding for these AAA-rated papers.
"We continue to see room for an additional 25-basis-point repo rate cut," said Sachin Bajaj, executive vice president and chief investment officer at Axis Max Life Insurance.
($1 = 89.9480 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
India pushes government clean energy agencies to sign purchase agreements for stranded power projects
By Sethuraman N R
Nov 4 (Reuters) - India's power ministry has asked the country's renewable energy implementation agencies (REIA) to explore signing power purchase agreements with clean energy developers for projects without a buyer, according to a ministry document reviewed by Reuters.
About 50 gigawatts of clean energy projects have been unable to come online due to unfinished transmission lines and legal and regulatory delays, Reuters reported in August, resulting in state power utilities delaying signing purchase agreements.
REIAs are intermediaries that act as traders, aggregating power from various generators and selling it to the buyer.
Typically, power purchase agreements are signed between an REIA and a developer based on agreements signed between the REIA and the end-buyer.
According to the document, the ministry has directed REIAs to sign agreements directly with the developer, bypassing the buyer-side agreement, or, alternatively, cancel the tenders as a last resort.
The ministry issued the directive following a high-level meeting chaired by India's Power Secretary on October 17. The meeting included officials from power generating firms NTPC NTPC.NS, NHPC NHPC.NS, SJVN SJVN.NS as well as the Solar Energy Corporation of India (SECI), all designated as REIAs.
The power ministry and the REIAs did not immediately respond to Reuters' email seeking comment.
The agencies have been asked to act by November 30.
STRANDED PROJECTS
The decisions come as India attempts to streamline its renewable energy procurement framework and address bottlenecks in project execution as part of the country's push to double its non-fossil fuel power capacity to 500 GW by 2030.
Of the 93 GW of renewable capacity tendered since fiscal year 2024, about 42 GW are without buyers, according to data shared during the meeting, the document showed.
NHPC had 15.8 GW of projects, the highest number of clean energy projects without a buyer, while NTPC had 12.4 GW worth stranded clean energy projects.
SJVN had 10 GW, and SECI had 3.9 GW, as per the document.
SECI, the largest REIA in the country, had already cancelled tenders for projects unlikely to secure buyers, according to the document.
(Reporting by Sethuraman NR; Editing by Janane Venkatraman)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
By Sethuraman N R
Nov 4 (Reuters) - India's power ministry has asked the country's renewable energy implementation agencies (REIA) to explore signing power purchase agreements with clean energy developers for projects without a buyer, according to a ministry document reviewed by Reuters.
About 50 gigawatts of clean energy projects have been unable to come online due to unfinished transmission lines and legal and regulatory delays, Reuters reported in August, resulting in state power utilities delaying signing purchase agreements.
REIAs are intermediaries that act as traders, aggregating power from various generators and selling it to the buyer.
Typically, power purchase agreements are signed between an REIA and a developer based on agreements signed between the REIA and the end-buyer.
According to the document, the ministry has directed REIAs to sign agreements directly with the developer, bypassing the buyer-side agreement, or, alternatively, cancel the tenders as a last resort.
The ministry issued the directive following a high-level meeting chaired by India's Power Secretary on October 17. The meeting included officials from power generating firms NTPC NTPC.NS, NHPC NHPC.NS, SJVN SJVN.NS as well as the Solar Energy Corporation of India (SECI), all designated as REIAs.
The power ministry and the REIAs did not immediately respond to Reuters' email seeking comment.
The agencies have been asked to act by November 30.
STRANDED PROJECTS
The decisions come as India attempts to streamline its renewable energy procurement framework and address bottlenecks in project execution as part of the country's push to double its non-fossil fuel power capacity to 500 GW by 2030.
Of the 93 GW of renewable capacity tendered since fiscal year 2024, about 42 GW are without buyers, according to data shared during the meeting, the document showed.
NHPC had 15.8 GW of projects, the highest number of clean energy projects without a buyer, while NTPC had 12.4 GW worth stranded clean energy projects.
SJVN had 10 GW, and SECI had 3.9 GW, as per the document.
SECI, the largest REIA in the country, had already cancelled tenders for projects unlikely to secure buyers, according to the document.
(Reporting by Sethuraman NR; Editing by Janane Venkatraman)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
India's NTPC Green rises as JV with IRCON nears full capacity
** NTPC Green NTPG.NS rises 3.7% to 107.43 rupees; set for steepest one-day pct gain in 2 months
** Co commissions additional 100 MW in Icron JV , bringing total operational capacity to 400 MW; total planned capacity is 500 MW
** IRCON Renewable, a JV between Ayana Renewable and Ircon with a 76:24 holding, will partly commence operations from September 17
** ONGC NTPC Green Private, a 50:50 JV between ONGC ONGC.NS and NTPC Green, acquired Ayana Renewable Power earlier this year
** NTPG falls 16% YTD
(Reporting by Urvi Dugar)
** NTPC Green NTPG.NS rises 3.7% to 107.43 rupees; set for steepest one-day pct gain in 2 months
** Co commissions additional 100 MW in Icron JV , bringing total operational capacity to 400 MW; total planned capacity is 500 MW
** IRCON Renewable, a JV between Ayana Renewable and Ircon with a 76:24 holding, will partly commence operations from September 17
** ONGC NTPC Green Private, a 50:50 JV between ONGC ONGC.NS and NTPC Green, acquired Ayana Renewable Power earlier this year
** NTPG falls 16% YTD
(Reporting by Urvi Dugar)
India's NTPC rises as HSBC upgrades to 'buy', sees long-term growth
** Shares of NTPC NTPC.NS rise 2% to 332 rupees
** HSBC upgrades power producer's rating to "buy" from "hold", raises PT to 400 rupees from 385 rupees, implying 22.8% upside from last close
** Says co is at the forefront of power management and generation, with the latest in the repository being battery and nuclear
** Adds that more than half of the firm's 7 trillion rupees ($79.2 billion) planned capex by 2032 is under a regulated tariff mechanism, providing superior long-term earnings certainty
** Highlights that thermal execution delays are getting sorted, with two thermal plants (1.3GW) commissioned and another 1.4GW likely by end-FY26
** NTPC rated "buy" by 24 analysts on average; median target price is 433 rupees – data compiled by LSEG
** Stock down 0.3% YTD
($1 = 88.3400 Indian rupees)
(Reporting by Rudra Pratap Singh in Bengaluru)
** Shares of NTPC NTPC.NS rise 2% to 332 rupees
** HSBC upgrades power producer's rating to "buy" from "hold", raises PT to 400 rupees from 385 rupees, implying 22.8% upside from last close
** Says co is at the forefront of power management and generation, with the latest in the repository being battery and nuclear
** Adds that more than half of the firm's 7 trillion rupees ($79.2 billion) planned capex by 2032 is under a regulated tariff mechanism, providing superior long-term earnings certainty
** Highlights that thermal execution delays are getting sorted, with two thermal plants (1.3GW) commissioned and another 1.4GW likely by end-FY26
** NTPC rated "buy" by 24 analysts on average; median target price is 433 rupees – data compiled by LSEG
** Stock down 0.3% YTD
($1 = 88.3400 Indian rupees)
(Reporting by Rudra Pratap Singh in Bengaluru)
India revokes grid access for 17 GW of clean energy projects, says source
Indian coal prices to be lower after tax revision, industry officials say
Carbon tax removal to offset higher consumption tax on coal
Coal prices to be 8-19% cheaper for utilities
Non-power sector coal costs to be 6-17% lower
Coal power costs 0.12 rupees lower, solar 0.10 rupees less after tax change, ICRA says
By Sudarshan Varadhan and Sethuraman N R
SINGAPORE/NEW DELHI, Sept 4 (Reuters) - Coal prices in India will fall after revisions to taxes on the fuel that generates nearly 75% of the country's electricity, industry officials and analysts said, as a higher consumption tax is offset by the removal of a carbon levy.
That could push up domestic consumption at the expense of imports, they said, putting further pressure on already plunging global coal prices.
India's finance minister hiked consumption levies on coal to 18% from 5% on Wednesday. However, buyers no longer have to pay a flat carbon tax of 400 Indian rupees ($4.57) a metric ton, known as a cess.
"We anticipate an increase in demand for locally mined coal as the elimination of the cess makes it cheaper despite the higher consumption tax," said Ashis Kumar Pradhan, senior analyst at consultancy Wood Mackenzie.
Prices of power plant-grade fuel sold by Coal India COAL.NS, which produces three-quarters of Indian output, will now be 8.1%-19.8% cheaper for utilities and 5.6%-16.7% cheaper for other users such as smelters, according to Reuters calculations based on Coal India and Wood Mackenzie data.
The calculations tallied with estimates provided by the Coal Consumers Association of India to Reuters.
India is the world's second largest coal importer behind China, but imports are expected to fall as the price of grades typically shipped in from top supplier Indonesia will be 3.5% higher after the tax change, Pradhan said.
The lower effective taxes on coal are expected to help generators burning the fossil fuel to cut costs by 0.12 rupees per kilowatt hour, said Vikram V, analyst at Moody's ICRA unit.
That compares with ICRA's estimates of a 0.10 rupee per kWh decline in generation costs for solar power developers following a cut in tax rates on panels to 5% from 12%.
Coal India and the federal ministries for finance, power and coal did not respond to requests for comment.
The move will also benefit power producers and help revive plunging sales by state-run Coal India, which has grappled with tepid power demand and a rise in renewable power generation.
Ashok Khurana, vice chairman at India's Association of Power Producers, said the decision would help reduce generating costs.
"However its impact on consumer tariffs would depend on distribution companies," he added.
The move could result in lower tariffs if distribution companies pass on reduced procurement costs to consumers.
If the costs are not passed on, it could help improve the finances of debt-laden, state government-owned distribution companies, Khurana said.
($1 = 87.5060 Indian rupees)
Coal prices to be lower for Indian utilities after tax revision https://reut.rs/4njyXhj
(Additional reporting by Nikunj Ohri in New Delhi; Editing by Jan Harvey)
((sudarshan.varadhan@thomsonreuters.com; +65 91164984;))
Carbon tax removal to offset higher consumption tax on coal
Coal prices to be 8-19% cheaper for utilities
Non-power sector coal costs to be 6-17% lower
Coal power costs 0.12 rupees lower, solar 0.10 rupees less after tax change, ICRA says
By Sudarshan Varadhan and Sethuraman N R
SINGAPORE/NEW DELHI, Sept 4 (Reuters) - Coal prices in India will fall after revisions to taxes on the fuel that generates nearly 75% of the country's electricity, industry officials and analysts said, as a higher consumption tax is offset by the removal of a carbon levy.
That could push up domestic consumption at the expense of imports, they said, putting further pressure on already plunging global coal prices.
India's finance minister hiked consumption levies on coal to 18% from 5% on Wednesday. However, buyers no longer have to pay a flat carbon tax of 400 Indian rupees ($4.57) a metric ton, known as a cess.
"We anticipate an increase in demand for locally mined coal as the elimination of the cess makes it cheaper despite the higher consumption tax," said Ashis Kumar Pradhan, senior analyst at consultancy Wood Mackenzie.
Prices of power plant-grade fuel sold by Coal India COAL.NS, which produces three-quarters of Indian output, will now be 8.1%-19.8% cheaper for utilities and 5.6%-16.7% cheaper for other users such as smelters, according to Reuters calculations based on Coal India and Wood Mackenzie data.
The calculations tallied with estimates provided by the Coal Consumers Association of India to Reuters.
India is the world's second largest coal importer behind China, but imports are expected to fall as the price of grades typically shipped in from top supplier Indonesia will be 3.5% higher after the tax change, Pradhan said.
The lower effective taxes on coal are expected to help generators burning the fossil fuel to cut costs by 0.12 rupees per kilowatt hour, said Vikram V, analyst at Moody's ICRA unit.
That compares with ICRA's estimates of a 0.10 rupee per kWh decline in generation costs for solar power developers following a cut in tax rates on panels to 5% from 12%.
Coal India and the federal ministries for finance, power and coal did not respond to requests for comment.
The move will also benefit power producers and help revive plunging sales by state-run Coal India, which has grappled with tepid power demand and a rise in renewable power generation.
Ashok Khurana, vice chairman at India's Association of Power Producers, said the decision would help reduce generating costs.
"However its impact on consumer tariffs would depend on distribution companies," he added.
The move could result in lower tariffs if distribution companies pass on reduced procurement costs to consumers.
If the costs are not passed on, it could help improve the finances of debt-laden, state government-owned distribution companies, Khurana said.
($1 = 87.5060 Indian rupees)
Coal prices to be lower for Indian utilities after tax revision https://reut.rs/4njyXhj
(Additional reporting by Nikunj Ohri in New Delhi; Editing by Jan Harvey)
((sudarshan.varadhan@thomsonreuters.com; +65 91164984;))
India to test battery storage at coal plants to balance grid as solar power surges
By Sethuraman N R
NEW DELHI, Sept 3 (Reuters) - India will test the installation of battery storage systems at some coal power plants, as the country grapples with integrating massive solar capacity while maintaining reliable electricity supply, an advisor to the country's power ministry said.
The concept addresses a critical challenge facing India's power grid, where thermal plants must ramp down during peak solar hours but maintain capacity for evening demand when solar generation drops.
The Central Electricity Authority (CEA) has been working on guidelines for coal-based power plants and technical minimum load requirements as the country rapidly expands renewable energy capacity.
India is aiming to expand its non-fossil fuel capacity to 500 GW by 2030, but coal remains central to its energy security. The government plans to increase coal-based capacity by 97 GW by 2035, taking the total to around 307 GW to ensure round-the-clock power.
"At times there are only two choices. Either you shut down the coal plant (during excess solar generation) or lose the thermal capacity in the evening, which we don't want," CEA chairman Ghanshyam Prasad told Reuters on the sidelines of PowerGen India 2025 event in New Delhi.
"We are just trying this as an experiment," he said, adding that the country's top coal power generator NTPC NTPC.NS had been tasked with testing this at some plants and given funding support.
The batteries would allow the coal plants to capture excess energy and dispatch it to the grid at a later point when needed, allowing the plants to operate at a stable rate, saving costs and extending their lives, CEA's Prasad said.
Recently, NTPC floated a tender for setting up of 1.7 GW of battery storage across 11 coal plants.
(Reporting by Sethuraman NR; editing by Philippa Fletcher)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
By Sethuraman N R
NEW DELHI, Sept 3 (Reuters) - India will test the installation of battery storage systems at some coal power plants, as the country grapples with integrating massive solar capacity while maintaining reliable electricity supply, an advisor to the country's power ministry said.
The concept addresses a critical challenge facing India's power grid, where thermal plants must ramp down during peak solar hours but maintain capacity for evening demand when solar generation drops.
The Central Electricity Authority (CEA) has been working on guidelines for coal-based power plants and technical minimum load requirements as the country rapidly expands renewable energy capacity.
India is aiming to expand its non-fossil fuel capacity to 500 GW by 2030, but coal remains central to its energy security. The government plans to increase coal-based capacity by 97 GW by 2035, taking the total to around 307 GW to ensure round-the-clock power.
"At times there are only two choices. Either you shut down the coal plant (during excess solar generation) or lose the thermal capacity in the evening, which we don't want," CEA chairman Ghanshyam Prasad told Reuters on the sidelines of PowerGen India 2025 event in New Delhi.
"We are just trying this as an experiment," he said, adding that the country's top coal power generator NTPC NTPC.NS had been tasked with testing this at some plants and given funding support.
The batteries would allow the coal plants to capture excess energy and dispatch it to the grid at a later point when needed, allowing the plants to operate at a stable rate, saving costs and extending their lives, CEA's Prasad said.
Recently, NTPC floated a tender for setting up of 1.7 GW of battery storage across 11 coal plants.
(Reporting by Sethuraman NR; editing by Philippa Fletcher)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
Rosatom, EDF pitch large nuclear reactors as key to India energy future
By Sethuraman N R
NEW DELHI, Sept 2 (Reuters) - Russian state nuclear firm Rosatom and France's EDF are positioning large nuclear power plants (NPPs) as the cornerstone of their engagement with India, even as they explore small modular reactors for targeted applications.
India is seeking to expand its nuclear power generation capacity to at least 100 gigawatts by 2047, up from just over 8 gigawatts currently. In April, Reuters reported that India was relaxing rules to allow foreign entities to hold minority stakes in nuclear power projects.
Rosatom is discussing a wide range of energy solutions with Indian partners, including both large-scale NPPs and small modular reactors (SMRs).
"Given the scale and dynamics of the Indian energy system, we consider large NPPs to represent the most strategic and promising avenue for further development of our dialogue in this area," Katerina Astashina, South Asia Lead, Rosatom, told a panel discussion on Tuesday at the Powergen India event in New Delhi.
EDF, which is proposing six 1,650 MW reactors for the Jaitapur site in Maharashtra, emphasized the importance of maximizing available sites.
"When there is a shortage of suitable sites for nuclear reactors, it is always advisable to go for bigger capacity reactors, so that we make optimum use of the sites,” Kalirajan S, managing director, EDF Nuclear Projects India, said.
“SMRs will also be playing a part in captive power plants for small players who want to set up a supporting power system for data centers ... But reaching 100 gigawatts, probably the 1650 megawatt reactors will help us to move faster,” the EDF official added.
India's nuclear power generation of just over 8 gigawatts, accounts for about 3% of its total installed electricity capacity.
Meanwhile, India's top coal power plant operator NTPC NTPC.NS will look at bringing multiple technologies available across the world to ensure the cost of energy delivered is the lowest, said Prasenjit Pal, executive director, nuclear at NTPC.
NTPC is looking to build 30 GW of nuclear power capacity over the next two decades.
(Reporting by Sethuraman NR, Editing by William Maclean)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
By Sethuraman N R
NEW DELHI, Sept 2 (Reuters) - Russian state nuclear firm Rosatom and France's EDF are positioning large nuclear power plants (NPPs) as the cornerstone of their engagement with India, even as they explore small modular reactors for targeted applications.
India is seeking to expand its nuclear power generation capacity to at least 100 gigawatts by 2047, up from just over 8 gigawatts currently. In April, Reuters reported that India was relaxing rules to allow foreign entities to hold minority stakes in nuclear power projects.
Rosatom is discussing a wide range of energy solutions with Indian partners, including both large-scale NPPs and small modular reactors (SMRs).
"Given the scale and dynamics of the Indian energy system, we consider large NPPs to represent the most strategic and promising avenue for further development of our dialogue in this area," Katerina Astashina, South Asia Lead, Rosatom, told a panel discussion on Tuesday at the Powergen India event in New Delhi.
EDF, which is proposing six 1,650 MW reactors for the Jaitapur site in Maharashtra, emphasized the importance of maximizing available sites.
"When there is a shortage of suitable sites for nuclear reactors, it is always advisable to go for bigger capacity reactors, so that we make optimum use of the sites,” Kalirajan S, managing director, EDF Nuclear Projects India, said.
“SMRs will also be playing a part in captive power plants for small players who want to set up a supporting power system for data centers ... But reaching 100 gigawatts, probably the 1650 megawatt reactors will help us to move faster,” the EDF official added.
India's nuclear power generation of just over 8 gigawatts, accounts for about 3% of its total installed electricity capacity.
Meanwhile, India's top coal power plant operator NTPC NTPC.NS will look at bringing multiple technologies available across the world to ensure the cost of energy delivered is the lowest, said Prasenjit Pal, executive director, nuclear at NTPC.
NTPC is looking to build 30 GW of nuclear power capacity over the next two decades.
(Reporting by Sethuraman NR, Editing by William Maclean)
((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
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What does NTPC do?
NTPC is India's largest integrated power company, dedicated to lighting every corner of the country and building a sustainable future for all. With a diverse portfolio of thermal, hydro, solar, and wind power plants, NTPC is dedicated to delivering reliable, affordable, and sustainable electricity to the nation. The company is committed to adopting best practices, fostering innovation, and embracing clean energy technologies for a greener future. Along with power generation, NTPC has ventured into various new business areas, including e-mobility, battery storage, pumped hydro storage, waste-to-energy, nuclear power, and green hydrogen solutions. It has also participated in the bidding for power distribution of Union Territories.
Who are the competitors of NTPC?
NTPC major competitors are Adani Power, Adani Green Energy, Tata Power, JSW Energy, NHPC, Torrent Power, Neyveli Lignite. Market Cap of NTPC is ₹3,49,080 Crs. While the median market cap of its peers are ₹85,993 Crs.
Is NTPC financially stable compared to its competitors?
NTPC seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does NTPC pay decent dividends?
The company seems to pay a good stable dividend. NTPC latest dividend payout ratio is 34.57% and 3yr average dividend payout ratio is 37.41%
How has NTPC allocated its funds?
NA
How strong is NTPC balance sheet?
NTPC balance sheet is weak and might have solvency issues
Is the profitablity of NTPC improving?
The profit is oscillating. The profit of NTPC is ₹22,525 Crs for TTM, ₹23,422 Crs for Mar 2025 and ₹20,812 Crs for Mar 2024.
Is the debt of NTPC increasing or decreasing?
Yes, The net debt of NTPC is increasing. Latest net debt of NTPC is ₹2,44,246 Crs as of Sep-25. This is greater than Mar-25 when it was ₹2,25,000 Crs.
Is NTPC stock expensive?
Yes, NTPC is expensive. Latest PE of NTPC is 14.44, while 3 year average PE is 13.12. Also latest EV/EBITDA of NTPC is 10.84 while 3yr average is 9.75.
Has the share price of NTPC grown faster than its competition?
NTPC has given lower returns compared to its competitors. NTPC has grown at ~17.01% over the last 7yrs while peers have grown at a median rate of 28.94%
Is the promoter bullish about NTPC?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in NTPC is 51.1% and last quarter promoter holding is 51.1%.
Are mutual funds buying/selling NTPC?
The mutual fund holding of NTPC is decreasing. The current mutual fund holding in NTPC is 18.45% while previous quarter holding is 18.55%.