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New PPA and softening global coal prices to boost JSW Energy

JSW Energy Ltd has won a three-year contract to supply 290 megawatts (MW) of electricity from its Vijayanagar plant in Karnataka. In May, the company had said that it was the lowest bidder for the contract. So, the latest communication does not come as a major surprise.The contract will remove an earnings overhang for JSW Energy. The 860MW Vijayanagar plant is operating at sub-optimal levels due to lack of enough power purchase agreements (PPAs) with electricity distribution companies. The plant operated at 38% utilization last quarter, as the accompanying chart shows.The latest PPA can improve Vijayanagar plant’s utilization levels by up to 60% in this fiscal year and to 85% by FY21, says Santosh Hiredesai, an analyst at SBICAP Securities .....

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