At 13:16, the BSE Power index was up 2.18% at 1,654.67. It outperformed the Sensex, which was up 0.51% at 8,948.92.Reliance Infrastructure, GVK Power & Infrastructure, Torrent Power, Tata Power Company, NTPC and Reliance Power were up by 0.45% to 11.09%.India will add 11,000 megawatts (MW) of power generation capacity in the current fiscal year to March 2009, the deputy chairman of the Planning Commission, Montek Singh Ahluwalia, told media today (25 November 2008).
India has a capacity of about 145,600 MW but supply lags demand by up to 16% in peak hours.
Meanwhile, faced with an acute coal shortage, majority of the Indian power generation companies are reportedly scouting for coal assets in Indonesia after the share prices of major mines there witnessed steep erosion following the global financial turmoil.
Leading power players such as Tata Power, Reliance Infrastructure, and GMR Energy, with an aim to ensure coal availability for their mega projects in the pipeline, are believed to be the front runners for the Indonesian assets, suggest reports. Apart from the three companies, Vedanta group firm Sterlite Energy, JSW Energy and Larsen and Toubro (L&T) are also evaluating proposals for equity participation in Indonesian mines.
India plans to add 90,000 MW of power during the 11th Five-Year plan and a majority of them are coal-fired projects. Though the country has the fourth-largest proven coal reserves in the world, Indian coal is of poor quality. India had to import over 50 million tonnes of coal in FY 2008 and is estimated that the country would have a shortfall of 100 million tonnes of thermal coal by FY 2012.
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