Essar Energy reports 'solid' performance
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.
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.
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap