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Power

MARCH

2013

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Power

MARCH

2013

Contents
Advantage India Market overview and trends Growth drivers Success stories: NTPC, Tata Power Opportunities Useful information

For updated information, please visit www.ibef.org

Power

MARCH

2013

Advantage India
FY22

Growing demand

Opportunities

Expansion in industrial activity to boost demand for electricity Growing population, and increasing penetration and per-capita usage to provide further impetus

Large capacity additions (100 GW) targeted in the 12th and 13th Five Year Plans Ambitious projects and increasing investments across the value chain

Total demand (TWh): 1915.0

Advantage India
Increasing investments

Policy support

One of the key sectors attracting FDI inflows into India; inflows recorded a CAGR of 63 per cent during FY06-12 Major investments earmarked by public as well as private sector companies across the value chain

Elimination of licensing for various segments; removal of entry barriers Cost reduction and rationalisation of tariffs; development of Ultra Mega Power Projects (UMPP) Fuel supply agreement of power producers with Coal India

FY12
Total demand (TWh): 969.0

Source: Assorted articles and research material, Aranca Research Notes: FY - Indian Financial Year (April - March), FDI - Foreign Direct Investment, E - Estimates, CAGR - Compound Annual Growth Rate, TWh - Terawatt-hour, FY22 estimates as per IEA forecasts

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ADVANTAGE INDIA

Power

MARCH

2013

Contents
Advantage India Market overview and trends Growth drivers Success stories: NTPC, Tata Power Opportunities Useful information

For updated information, please visit www.ibef.org

Power

MARCH

2013

Evolution of the Indian Power sector


2003 onwards Growth Era
Electricity Act (2003) National Tariff Policy (2006) Elimination of licensing for generation projects Increased competition through international competitive bidding engaged in power generation, transmission and distribution Launch of Ultra Mega Power Project (UMPP) scheme Various schemes and initiatives such as Jawaharlal Nehru National Solar Mission to promote renewable energy Civil nuclear agreement with the US for nuclear technology and fuel Fuel supply agreement of power companies with Coal India ltd

1991-2003

Liberalisation Era 1956-1991 Nationalisation Stage Before 1956 Introductory Stage


Electricity (Supply) Act 1948 Establishment of semiautonomous State Electricity Boards (SEBs) Industrial Policy Resolution (1956) Generation and distribution of power under state ownership Power losses, subsidies, infrastructure bottlenecks, and resource constraints Legislative and policy initiatives (1991) Private sector participation in generation Fast track clearing mechanism of private investment proposals Electricity Regulatory Commissions Act (1998) for establishing Central and State Electricity Regulatory Commissions and rationalisation of tariffs

Source: KPMG, Corporate Catalyst India, IFLR, Aranca Research

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MARKET OVERVIEW AND TRENDS

Power

MARCH

2013

India is among the worlds top five power producers and consumers

India is the fifth largest producer and consumer of electricity in the world after China, US, Russia and Japan

Worlds leading electricity producers (2011)

China
US* Russia* Japan India* Canada* 0
581
983 938 880

4,604 4,120

Power generation has grown more than 100 fold since independence while demand growth has been even higher due to accelerating economic activity

TWh 2,000 3,000 4,000 5,000

1,000

Source: CIA World Factbook, Aranca Research


Note: * - Data mentioned for US, Russia, India & Canada is for 2010

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MARKET OVERVIEW AND TRENDS

Power

MARCH

2013

Power generation has been growing rapidly over the years

Electricity production in India (excluding captive generation) stood at 876.4 TWh in FY12, a growth of 8.1 per cent over the previous fiscal

Electricity production in India (TWh)


876.4 771.6 811.1 704.5

Over FY06-12, electricity production has expanded at a CAGR of 6 per cent


Electricity production for the period April to October 2012 stood at 509.4 TWh

617.5

662.5

723.8

509.4

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13*

Source: Central Electricity Authority (CEA), Aranca Research;


Notes: FY - Indian financial year (April - March), TWh - Terra Watt hour, * Data for FY13 is for the period April to October 2012.

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MARKET OVERVIEW AND TRENDS

Power

MARCH

2013

Sources of power with shares in total installed capacity


56% Coal 67% Thermal 10% Gas 19% Hydro Indias proven natural gas reserves measure about 1,074 billion cubic meters

India has large reserves of coal; estimates for FY11 put the figure at about 285.8 billion tonnes

With a large swathe of rivers and water bodies, India has enormous potential for hydropower; 12th Five Year Plan (2012-2017) includes additional 30,000 MW of hydro-electric power generation. India currently has 39.3 GW of hydro power generating capacity Wind energy is the largest renewable energy source in India; projects like the Jawaharlal Nehru National Solar Mission (which aims to generate 20,000 MW of solar power by 2022) is creating a positive environment among investors keen to exploit Indias potential India currently has 4.8 GW of net electricity generation capacity using nuclear fuels (across twenty reactors) and aims to increase it up to 20GW by 2020; with one of the worlds largest reserves of thorium, India has huge potential in nuclear energy
Source: Ministry of Coal, NHPC,CEA, The Hindu, Corporate Catalyst India, Aranca Research
Notes: MW - megawatt

12% Renewable

Nuclear

2%

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MARKET OVERVIEW AND TRENDS

Power

MARCH

2013

Generation capacity has been increasing at a healthy pace (1/2)

Indias installed power generation capacity was 199.9 GW at the end of March 2012 Installed capacity has been increasing steadily over the years; over FY09-12, it posted a CAGR of 10.5 per cent Installed capacity as on October 2012 stood at 209.3 GW

Installed electricity generation capacity (GW)

200 148 159 174

209

FY09

FY10

FY11

FY12

FY13*

Source: Central Electricity Authority (CEA), Aranca Research Note: GW - Gigawatt, Data for FY13* is as on October - 2012

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MARKET OVERVIEW AND TRENDS

Power

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2013

Generation capacity has been increasing at a healthy pace (2/2)

Among the different sources of power in India, the CAGR in installed capacity over FY09-12 was

Comparison of installed capacity (GW)


Thermal Hydro Renewable Nuclear 0 FY13*
39.3 39.0 36.9 25.0 24.5 13.2 4.8 4.8 4.1 140.2 131.6

12 per cent for thermal power

93.7

23 per cent for renewable energy, the fastest


among all sources of power

50 FY 12

100 FY09

150

Source: Central Electricity Authority (CEA), Aranca Research,


Data for FY13* is as on October 2012

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MARKET OVERVIEW AND TRENDS

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Power

MARCH

2013

Key players in the power sector (1/2)


Company

Business description
NTPC is Indias largest power producer and the sixth-largest thermal power producer in the world with an installed capacity of more than 39,674 MW. By 2032, NTPC plans to become a 128,000 MW company It has also diversified into hydro - power, coal mining, power equipment manufacturing, oil and gas exploration, power trading, and distribution Tata Power is Indias largest integrated power company, with significant presence in solar, hydro, wind and geothermal energy. The company accounts for 52 per cent of total generating capacity of the private sector with an installed capacity of 6,900 MW

The company has a portfolio of over 35,000 MW of power generation capacity, both operational as well as under development

CESC Limited is a vertically integrated player engaged in coal mining, and generation and distribution of power

NHPC is the largest hydro power utility in India with an installed capacity of 5,295MW and has drawn up a massive capacity expansion plan of adding 6,697 MW up to the year 2017
Source: Company websites, News articles, Aranca Research
MARKET OVERVIEW AND TRENDS

*This list is indicative

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Power

MARCH

2013

Key players in the power sector (2/2)


Company Business description
Power Finance Corporation Limited (PFC ) is an NBFC engaged in financing and development activities within activities within the Indian power sector Major products and services include project term loans, lease financing, direct discounting of bills, short-term short-term loans and consultancy services Adani Power is one of Indias largest private thermal power producers with total capacity of 4,660 MW; the MW; the company aims to generate 20,000 MW of power by 2020 The company is building one of the worlds largest single location thermal power plants in Mundra, Gujarat Gujarat Power Grid Corporation of India Limited (PGCIL) is the single largest transmission utility in India and is and is responsible for planning, co-ordination, supervision and control over inter-state transmission systems systems Damodar Valley Corporation is engaged in power generation, distribution and transmission of electric power, electric power, irrigation, and flood control SJVN Limited is the second largest hydro power company in India The company plans to diversify into wind power projects soon
Source: Company websites, News articles, Aranca Research Notes: NBFC - Non-banking financial company
MARKET OVERVIEW AND TRENDS

*This list is indicative

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Power

MARCH

2013

Contents
Advantage India Market overview and trends Growth drivers Success stories: NTPC, Tata Power Opportunities Useful information

For updated information, please visit www.ibef.org

13

Power

MARCH

2013

Strong demand and policy support driving investments

Growing demand demand Growing

Policy support Strong government support Electricity Act (2003)highly liberal framework for generation Inviting Resulting in Fuel supply agreement of power companies with Coal India Ltd

Increasing investments

Increase in industrial activity

Rising FDI inflows (USD1.65 billion in FY12)

Increasing penetration, per-capita consumption

Growing M&A activity

Growing consumer base

Development of Ultra Mega Power Projects (UMPPs)

Large investments in equipment manufacture and power generation

Source: Corporate Catalyst India, Ministry of Power, Aranca Research Notes: FDI - Foreign Direct Investment, M&A - Merger and Acquisition, R-APDRP - Restructured Accelerated Power Development and Reform Programme, T&D - Transmission and Distribution

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GROWTH DRIVERS

14

Power

MARCH

2013

Industrial expansion and strong GDP growth driving power demand (1/2)

Multiple drivers (industrial expansion, growing percapita incomes) are leading to growth in power demand; this is set to continue over the coming years as well

Share of industry in electricity consumption

57.9%

During FY10-15, GDP growth is likely to average 8.0-8.5 per cent


48.8%

49.6%

50.3%

51.0%

India is set to become a global manufacturing hub with investments across the value chain

47.4%

48.1%

Indias power demand is expected to rise up to 1,915 TWh by FY22


2009 2010 2011E 2012E 2013E 2014E 2015E

Source: Estimates as per BMI India Power Report Q3 2011, Aranca Research

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GROWTH DRIVERS

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Power

MARCH

2013

Industrial expansion and strong GDP growth driving power demand (2/2)

82GW worth of generation capacity is set to be added during FY11-FY15; future investments will benefit from strong demand fundamentals, policy support, and increasing government focus on infrastructure

Per-capita electricity consumption (KWh)


750 700 650 600 550 500 450 543.2 583.8 561.9 648.4 613.1 680.7 718.1

Residential consumption has been growing at a fast pace; growth was 14 per cent in FY11 Government initiatives like RGGVY and Power for all will further drive the demand
Notes: RGGVY - Rajiv Gandhi Grameen Vidyutikaran Yojana

400 2010 2011 2012E 2013E 2014E 2015E 2016E

Source: Estimates as per BMI India power report Q4 2012, Mckinsey, Aranca Research

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GROWTH DRIVERS

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Power

MARCH

2013

Policy support aiding growth in the sector

Elimination of licensing for electricity generation projects Increased competition through international competitive bidding Demarcation of transmission as a separate activity Adequate return on investment to the companies engaged in power generation, transmission and distribution Uniform guidelines to SERCs for fixing tariffs

Electricity Act, 2003

National Tariff Policy, 2006

Assured electricity to consumers at reasonable and competitive rates


Launch of Ultra Mega Power Project (UMPP) scheme through tariff based competitive bidding Ease of land possession, provision of fuel, water and necessary clearances for enhancing investor confidence R-APDRP was launched by Ministry of Power with the purpose of reducing AT&T losses up to 15 per cent by upgradation of transmission and distribution network Linking disbursement of central government funds (to states) with actual reduction in transmission and distribution losses. Sanctioned projects of more than USD5.8 billion

Ultra Mega Power Projects (UMPP)

R-APDRP

Fuel Supply Agreement

Fuel supply agreement with Coal India Ltd. will ensure the availability of coal for power companies over the long term
Source: KPMG, CRISIL, Ministry of Power, Aranca Research Notes: R-APDRP - Restructured Accelerated Power Development and Reform Programme, SERC - State Electricity Regulatory Commission, AT&T - American Telephone & Telegraph Systems

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GROWTH DRIVERS

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Power

MARCH

2013

Budget FY13: Power is a key focus area

Government has removed customs duty on import of coal and natural gas Government has directed Coal India Ltd to sign fuel supply agreements with power companies to boost energy generation Power companies have been allowed to take recourse to external commercial borrowings (ECBs) to part finance their rupee debt

The withholding tax on ECBs has been reduced to 5 per cent from 20 per cent

The limit for tax-free bonds for the power sector has been increased to INR100 billion (~USD2 billion) from INR50 billion (~USD1billion) Government has also extended the tax holiday for one year; this allows power producers to claim tax exemption up to 10 years

Source: Union Budget FY13, various news artilces,


Indian Express, Aranca Research

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GROWTH DRIVERS

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Power

MARCH

2013

Increasing investments: FDI inflows and key deals (1/2)

Power is one of the key sectors attracting FDI inflows into India During FY06-12, FDI inflows into the sector increased from a mere USD87 million in FY06 to USD1,652 million in FY12
USD million

FDI inflows into the power sector

1,652
CAGR: 63.3%

1,437 1,252 985

967

87 FY06

157 FY07 FY08 FY09 FY10 FY11 FY12

Source: : Department of Industrial Policy and Promotion, Aranca Research

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GROWTH DRIVERS

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Power

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2013

Increasing investments: FDI inflows and key deals (2/2)

The sector has witnessed a total of 35 M&A deals since 2010 Morgan Stanley Infrastructure Funds investment in Asian Genco Pvt Ltd was the largest PE transaction in the Indian power sector Global power giants like GDF Suez of France and E.ON of Germany have drawn up plans to enter the Indian market Acquirer
Athena Capital Partners LLP
India Infrastructure Fund Warburg Pincus India Pvt Ltd Blackstone Group LP
Notes: FDI - Foreign Direct Investment, PE - Private Equity

Mergers and Acquisitions (M&A) Target


SPS Ispat and Power Ltd
Caparo Energy (India) Ltd Diligent Power Pvt Ltd Moser Baer Projects Pvt Ltd Asian Genco Pvt Ltd

Deal date
08th Jul 2011
17th Jun 2011 11th May 2011 18th Aug 2010 18th Mar 2010

Deal value (USD million)


67.6
78.5 150.0 300.0 425.0

Morgan Stanley Infrastructure

GSPC Distribution Networks Ltd

Gujarat Gas Co Ltd

3rd Oct 2012

674.2

Source: Thomson One Banker, Economic Times, Aranca Research

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GROWTH DRIVERS

20

Power

MARCH

2013

Contents
Advantage India Market overview and trends Growth drivers Success stories: NTPC, Tata Power Opportunities Useful information

For updated information, please visit www.ibef.org

21

Power

MARCH

2013

NTPC: A public sector success (1/2)

During FY06-12, NTPCs revenues increased at a CAGR of 16 per cent; CAGR in profits was 9 per cent
2.5

Top line and bottom line (USD billion)


16.0 14.0 2.0 1.5 1.0 0.5 12.0 10.0 8.0 6.0 4.0 2.0 0.0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Net Profit Net Sales- right axis Notes: NTPC - National Thermal Power Corporation 0.0

NTPC accounts for 19 per cent of the countrys capacity; however it contributes 27.4 per cent of total power generation The company has an installed capacity of 39,674 MW. It plans to become a 128,000 MW company by 2032

It spent approximately USD 2.2billion in FY12 and plans to spend an additional USD4 billion in FY13 in expansion activity Company is planning to set up a 800 - Mega watt (MW) advanced ultra super critical plant, which will be the first in India

Source: NTPC website, annual reports, Economic Times, Aranca Research

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SUCCESS STORIES: NTPC, TATA POWER

22

Power

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2013

NTPC: A public sector success (2/2)

NTPC has taken over and successfully turned around a number of sub-optimally performing stations High operational efficiency (indicated by plant load factor and availability factor) is NTPCs trademark It is a pioneer in high-efficiency supercritical and ultra supercritical coal-based power plants in India

Impact of NTPC takeover of sub-optimal plants (PLF)


120%

100% 80% 66%

98% 86% 86% 92%

60% 40% 20% 0% Before takeover Badarpur Unchahar After takeover Talcher Tanda 18% 19% 22%

Source: NTPC website, Annual Reports, Economic Times, Aranca Research


Notes: PLF - Plant load factor, After Takeover - figures for FY08

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SUCCESS STORIES: NTPC, TATA POWER

23

Power

MARCH

2013

Tata Power: Forging ahead in the private sector (1/2)

During FY06-12, Tata Powers profits increased at a CAGR of 11.5 per cent The company has an installed generation capacity of 6900MW in India and presence in all the segments of the power sector

Growth in net income (USD million)


243.8

192.1 181.2

197.4

196.1

The company is developing its first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology
127.2

145.2

The company is increasingly eyeing the clean energy segment; it recently acquired stakes in two Australian companies in the sector

FY06

FY07

FY08

FY09

FY10

FY11

FY12

Source: Company website, annual reports,


Economic Times, Aranca Research

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SUCCESS STORIES: NTPC, TATA POWER

24

Power

MARCH

2013

Tata Power: Forging ahead in the private sector (2/2)

The company estimates its installed capacity to expand five-fold in the next five years to 25000 MW (CAGR of 30 per cent from FY07 and 47 per cent from FY12)

Installed capacity in mega watts (MW)

25,000

Recognising the enormous potential in renewable energy, the company intends to increase the share of renewable sources to 25 per cent of its total generating capacity in the near future

5,297 2,300 FY07 3,120 FY11 FY12 FY17E

press release, 15th July 2011 Note : MW - mega watt, CAGR - Compounded annual growth rate

Source: Company website, FY17 estimate as per

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SUCCESS STORIES: NTPC, TATA POWER

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Power

MARCH

2013

Contents
Advantage India Market overview and trends Growth drivers Success stories: NTPC, Tata Power Opportunities Useful information

For updated information, please visit www.ibef.org

26

Power

MARCH

2013

Power generation: Overall fundamentals will remain strong (1/2)

Demand for electricity is expected to expand at a CAGR of 7.6 per cent over FY07-FY22 to 1,915 TWh Current production levels are not enough to meet demand; annual demand outstrips supply by about 7.5 per cent
TWh

Electricity demand forecast


1,915

CAGR: 7.6%
1,392

969 690

FY07

FY12

FY17E

FY22E

Source: International Energy Agency (IEA), demand estimates based on IEA forecasts,

Aranca Research Note: CAGR - Compounded annual growth rate

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OPPORTUNITIES

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Power

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2013

Power generation: Overall fundamentals will remain strong (2/2)

The government has targeted capacity addition of 100,000 MW each under the 12th (2012-17) and 13th (2017-22) Five Year Plans

Addition to generation capacity under Five Year Plans (GW)


120 100 100

100

There is tangible shift as regards to policy focus on the sources of power; The government is keen to promote hydro, renewable and gas-based projects, as well as adoption of clean coal technology

80 60 40 21 20 Plan No 55

10th

11th

12th E

13th E

Source: Business Standard, capacity addition estimates by Central Electricity Authority

(CEA), Aranca Research Notes: TWh - terawatt-hour, E - estimates

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OPPORTUNITIES

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Power

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2013

Current trends point to opportunities across the value chain


Adani Power Plans to invest USD17.7 billion in power generation by 2014 Coal-fired plant in Tamil Nadu; investment of USD1.3 billion Nuclear power ambition; studying entry strategy with minimum investment of USD3.0 billion USD2.5 billion investment in hydro-power in Arunachal Pradesh with combined generating capacity of 2.5 GW

Generation

Germac Energy and Sepco III (JV)


Tata Power Reliance Power

Investments across the value chain Power Grid Corporation of India Ltd (PGCIL)

Loan from ADB of USD600 million for development of high-voltage transmission system
Developing an integrated national grid, including strengthening of five regional grids; project investment is worth about USD16 billion Joint development of an India - Sri Lanka undersea transmission link with the Ceylon Electricity Board at an estimated cost of USD573 million
Source: BMI India power report Q3 2011, Aranca Research Notes: JV - Joint venture, T&D - Transmission and distribution, GW - gigawatt

T&D

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OPPORTUNITIES

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Power

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2013

Renewable energy is fast emerging as a major source of power

Power generation from renewables (other than hydropower) has been estimated at 20 GW in 2011, a 2.4 per cent share in Indias total power generation Wind energy is the largest source of renewable energy in India; it accounts for an estimated 87 per cent of total installed capacity in renewable energy. The country aims to increase the importance of wind power even further; there are plans to double wind power generation capacity to 20 GW by 2022 Biomass is the second largest source of renewable energy, accounting for 12 per cent of total installed capacity in renewable energy. There is strong upside potential in biomass in the coming years Solar energy accounts for 1 per cent of total renewable energy installed capacity. However, the share is not indicative of the countrys true potential, which stands at an estimated 5,000 TWh per annum

India has the sixth largest renewable (ex hydropower) power generation capacity (2011)
GW

70

68 61

India ranks sixth in the world

28 22 20 11

China

United Germany Spain States

Italy

India

Japan

Source: : Renewables 2012 Global Status Report (REN21), Business Monitor International

(BMI), Aranca Research; Note: TWh - Tera Watt hour; GW - Gigawatt

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MARKET OVERVIEW AND TRENDS

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Power

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2013

Strong upward trend in nuclear energy likely in the medium to long term

In 2010, India was fifth in the Asia-Pacific region in nuclear electricity net generation (behind Japan, South Korea, China, Taiwan) Currently, the country has net electricity generation capacity of 4.8 GW, using nuclear fuels, across twenty reactors. Of the twenty reactors, 18 are pressurised heavy water reactors (PHWR); two are boiling water reactors (BWR) The government aims to quadruple Indias nuclear power generation capacity to 20 GW by 2020; seven nuclear power reactors of 4,890 Mw capacity are already under construction Nuclear Power Corporation of India Limited (NPCIL) is planning to construct five nuclear energy parks with a capacity of 10,000 Mwe

Nuclear energy production in India in (GW)

20

4.4 2012 2020E Aranca Research Note: GW - Gigawatts; MWe - Mega Watt electric PHWR - Pressurised Heavy Water Reactors BWR - Boling Water Reactiors

Source: Ministry of New and Renewable Energy, Business Monitor International ,

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MARKET OVERVIEW AND TRENDS

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Power

MARCH

2013

Contents
Advantage India Market overview and trends Growth drivers Success stories: NTPC, Tata Power Opportunities Useful information

For updated information, please visit www.ibef.org

32

Power

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2013

Industry Associations (1/2)


Council of Power Utilities A-2/158, Janakpuri, New Delhi -110058, India Tel : 91 11 25618472, 45652708 Fax : 25611622 E-mail : cvjvarma@gmail.com, cvjv1933@yahoo.com Web site: www.indiapower.org Hydro Power Association (India) Flat no 6, Green Park Apartment, Shriram Society, Warje, Pune 411058, Maharashtra, India Tel: 91 20 25233338 E-mail: hypaindia@gmail.com, president@hpaindia.org, secretary@hpaindia.org Website: http://hpaindia.org/ Bureau of Energy Efficiency (BEE) Ministry of Power, 4th Floor, SEWA Bhawan, R. K.Puram, New Delhi - 110066, India Tel: 91 11 26179699 Fax: 91 11 26178352 E-mail: webmanager-bee@nic.in Website: http://www.beeindia.in/

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USEFUL INFORMATION

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Power

MARCH

2013

Industry Associations (2/2)


Indian Wind Energy Association (INWEA) PHD House, 3rd Floor, Opp. Asian Games Village, August Kranti Marg, New Delhi - 110016, India Tel : 91-11-26523042 E-mail : manish@inwea.org Web site: http://www.inwea.org/

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USEFUL INFORMATION

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2013

Glossary (1/2)

CAGR: Compound Annual Growth Rate FDI: Foreign Direct Investment FY: Indian Financial Year (April to March)

So FY10 implies April 2009 to March 2010

GW: gigawatt M&A: Merger and Acquisition MW: Megawatt NBFC: Non-Banking Financial Company PE: Private Equity PLF: Plant Load Factor R&D: Research and Development

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USEFUL INFORMATION

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Power

MARCH

2013

Glossary (2/2)

R-APDRP: Restructured Accelerated Power Development and Reform Programme T&D: Transmission and Distribution TWh: terawatt-hour RGGVY: Rajiv Gandhi Grameen Vidyutikaran Yojana USD: US Dollar

Conversion rate used: USD1= INR48

Wherever applicable, numbers have been rounded off to the nearest whole number

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USEFUL INFORMATION

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Power
Disclaimer

MARCH

2013

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this

presentation to ensure that the information is accurate to the best of Aranca and IBEFs knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice.
Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

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