Essar Energy, the India-focused integrated energy company, has reported a 'solid' operating performance for the quarter ended 30 September, with all of its plants performing well.
Total energy generated during the period rose to 1,553mWh (megawatt hours), 4% higher compared to 1,498mWh for the same period a year ago.
"While higher gas prices, resulting in a higher generation cost, have impacted demand at our gas based plants in recent months, the quarter saw higher plant load factors at Hazira (up 24%) due to increased demand from the Gujarat State utility," the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Export volumes in the quarter increased to 42% of the total against 31% in the same quarter last year. Essar Energy continues to focus sales on the domestic market due to higher realisations, but the lower proportion of domestic sales was due to the refinery shut down."
The firm anticipates that generation at the Vadinar power stations will remain low until the ramp up of the expanded Vadinar refinery is completed, after which demand for power and steam is expected to increase.
Meanwhile, the total generation of power for the nine month period ending September 30 was 4,848 MWh, slightly lower than the comparable period (2009: 4,956 MWh), which the firm blamed on lower outut at its Hazira and Bhander power stations in Gujarat as a result of high gas prices.
NR
-
Ticket scam warning ahead of major summer eventsA total of £6.7 million was lost to ticket scams last year. With the Taylor Swift Eras tour and Glastonbury Festival coming up, we explain how to stay safe when buying tickets
-
GDP: UK economy exits recessionThe latest GDP figures reveal the UK economy grew by 0.6% in the first three months of the year, officially exiting recession. We look at what households and investors can expect next.
