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Tata Power Company
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| Directors Report | Year End : Mar '11 |
To The Members,
The Directors are pleased to present their Ninety-Second Annual Report
on the business and operations of the Company and the statements of
account for the year ended 31st March, 2011.
1. FINANCIAL RESULTS
Figures in Rs. crores
Standalone Consolidated
FY11 FY10 FY11 FY10
(a) Net Sales / Income from
Other Operations. 6,918.48 7,098.27 19,450.76 18,985.84
(b) Operating Expenditure 5,327.55 5,219.66 14,854.36 15,132.64
(c ) Operating Profit 1,590.93 1,878.61 4,596.40 3,853.20
(d) Add: Other Income
(including net gain on
exchange). 493.58 281.58 410.50 588.88
(e) Less: Interest and
Finance Charges 462.02 422.99 868.37 781.82
(f) Profit before
Depreciation and Tax. 1,622.49 1,737.20 4,138.53 3,660.26
(g) Less: Depreciation /
Amortisation / Impairment. 510.14 477.94 981.06 892.96
(h) Profit before Tax 1,112.35 1,259.26 3,157.47 2,767.30
(i) Less: Provision for
Taxes (including provision
for Deferred Tax and
Fringe Benefit Tax) 170.86 320.50 975.56 628.66
(j) Net Profit after Tax. 941.49 938.76 2,181.91 2,138.64
(k) Less: Minority Interest. - - 196.50 233.46
(l) Add: Share of Profit
of Associates. - - 74.19 61.66
(m) Net Profit after Tax,
Minority Interest and Share
of Profit of Associates 941.49 938.76 2,059.60 1,966.84
(n) Less: Statutory
Appropriations. (28.52) (8.89) (28.52) (8.89)
(o) Distributable Profits 970.01 947.65 2,088.12 1,975.73
(p) Add: Balance brought
forward from the previous
year. 2,417.75 2,253.21 3,640.56 2,476.54
(q) Add: Reserves
acquired during the year. - - - (1.90)
(r) Balance 3,387.76 3,200.86 5,728.68 4,450.37
which the Directors have
appropriated as under to:
(i) Proposed Dividend. 296.92 285.05 296.92 285.05
(ii) Dividend (in respect
of previous year) - 0.31 - 0.31
(iii) Additional Income-
tax on Dividend 16.27 37.98 42.53 49.05
(iv) Debenture
Redemption Reserve. 24.92 59.77 24.92 59.77
(v) General Reserve 400.00 400.00 430.85 410.61
(vi) Special Reserve Fund - - 32.62 3.02
(vii) Self Insurance Reserve - - - 2.00
(viii) Capital Redemption Reserve - - 1.01 -
TOTAL. 738.11 783.11 828.85 809.81
(s) Leaving a balance of. 2,649.65 2,417.75 4,899.83 3,640.56
to be carried forward
2. FINANCIAL HIGHLIGHTS
2.1 Standalone results
During the year, the Company reported a Profit After Tax (PAT) of Rs.
941.49 crores, as against Rs. 938.76 crores for the previous year. The
Operating Revenue was lower at Rs. 6,918.48 crores, as against Rs. 7,098.27
crores, a decline of 3%. Operating Revenue was lower mainly on account
of lower fuel cost. The Operating Profit was lower by 15% mainly due to
lower generation and lower merchant tariffs in the year, as also due to
one-time impact of an order of the Appellate Tribunal for Electricity
(ATE) in the previous year.
Other Income was higher at Rs. 493.58 crores, as against Rs. 281.58 crores
in the previous year, a growth of 75%. This was mainly due to higher
dividend income from the investments made by the Company.
Earnings per share (basic) was at Rs. 40.84, as against Rs. 40.77 in the
previous year.
2.2 Consolidated results
The Consolidated Operating Revenue at Rs. 19,450.76 crores grew by 2% and
PAT at Rs. 2,059.60 crores grew by 5%, as against Rs. 18,985.84 crores and
Rs. 1,966.84 crores respectively, for the previous year. The increase in
the Consolidated Operating Revenue was primarily on account of the
higher coal price realization in Indonesian Coal Companies. The
Consolidated PAT is higher mainly on account of higher profits in the
Indonesian Coal Companies as compared to the previous year. The
Consolidated PAT growth would have been higher, but for foreign
exchange gain of Rs. 358.13 crores in FY10 in Coastal Gujarat Power
Limited as compared to Rs. 122.86 crores in FY11.
3. DIVIDEND
The Directors of your Company are pleased to recommend a higher
dividend of 125% (Rs. 12.50 per share) for the approval of the
shareholders (FY10 dividend of Rs. 12 per share).
4 EXISTING BUSINESSES
As of 31st March, 2011, the Company had an installed generation
capacity of 2,887 MW based on various fuel sources: thermal (coal, gas,
oil), hydroelectric power, renewable energy (wind and solar
photovoltaic) and waste heat recovery. The details of the installed
capacity are given in Table 1.
Table 1: Details of installed capacity
Installed Category Total
Fuel Source Location State Capacity MW MW
Thermal -
Coal / Oil
/ Gas Trombay Maharashtra 1,580
Jojobera Jharkhand 428 2,089
Belgaum Karnataka 81
Thermal -
Waste Heat
Recovery Haldia West Bengal 120 120
Hydro Bhira Maharashtra 300
Bhivpuri Maharashtra 75 447
Khopoli Maharashtra 72
Renewables Wind farms Maharashtra
Gujarat 228
231
Karnataka
Solar
Photovoltaic
(PV) Maharashtra 3
Total 2,887 2,887
Thus, the Company has achieved 27.6% of MW capacity through non-Green
House Gas (GHG) based generating sources. The Company also has
businesses of Transmission, Power Distribution cum Retail in Mumbai,
and other value added businesses. Table 2: Details of other businesses
Business Key details
Transmission (Mumbai)
Over 1,080 circuit kms. of transmission lines, connecting generating
stations in Mumbai operations to 17 receiving stations in Mumbai.
Distribution (Mumbai)
Over 1,900 circuit kms. of distribution lines.
Retail (Mumbai)
Over 1,60,000 customers with sales of over 4,300 MUs in FY11.
Strategic Electronics
One of the leading suppliers of defence equipment and solutions amongst
Indian Private Sector.
Power Services
One of the leading service providers for Project Management, Operations
and Maintenance (O&M) and specialized services in the power sector.
4.1 Operational Highlights
The Company registered sales of 16,060 Million Units (MUs) of power in
FY11, as against 15,574 MUs in FY10, a growth of 3%. The Company,
however, generated 15,325 MUs of power from all its power plants during
the year as compared to 15,946 MUs in the previous year, a decrease of
4%. Owing to high oil cost, the Company purchased competitive energy
and met the growth needs.
4.2 TATA POWER - MUMBAI OPERATIONS
4.2.1 Generation
The Company''s power generation units in the Mumbai Operations Area are
at Trombay, Bhira, Bhivpuri, Khopoli, Mulshi as also wind assets at
various locations in Maharashtra.
Trombay Thermal Power Station
The Trombay Thermal Power Station has an installed capacity of 1,580
MW, of which primarily 750 MW is coal fired, 650 MW uses oil and gas
and the balance 180 MW uses gas as a fuel. However, Unit 5 also has
multi-fuel firing capability.
During the year, the station recorded a generation of 9,530 MUs
(previous best of 10,168 MUs in FY10) with an all time high coal firing
of 2.69 Million Tonnes (MT). The operational performance of the units
is given in Table 3.
Table 3: Details of thermal power generation - Trombay
Generation (MUs) Generation
Availability (%) Plant Load Factor
(PLF) (%)
FY11 FY10 FY11 FY10 FY11 FY10
[Trombay 9,530 10,168 93 87 69 74
While the availability was maintained at higher levels as compared to
the past year, the PLF was lower mainly on account of increased
purchases of power to offset oil-based generation, in order to deliver
lower tariffs for consumers. The Company is also pursuing sourcing of
Administered Price Mechanism (APM) gas with the Ministry of Power (MoP)
to replace oil-based generation on Unit 6 as well as to operate Unit 4,
which is currently on standby due to stringent environmental norms, and
thus improve the utilisation of existing assets in Mumbai.
During the year, the Company successfully completed the overhaul of
Unit 6, during which the Unit underwent critical component upgradation.
Hydroelectric Power Stations - Bhira, Bhivpuri and Khopoli
The Company has three hydroelectric power generating stations,
totalling 447 MW, located in the Raigad district of Maharashtra.
During the year, the three hydroelectric power plants collectively
generated 1,310 MUs, as against 1,455 MUs generated in the previous
year. This reduction in generation was primarily on account of lower
inflow in Bhivpuri and Khopoli lakes due to lean monsoon, resulting in
lower lake levels. This has led to a lower PLF as compared to the
previous year. The Company has sustained the generation availability of
about 97% even with outages taken for the refurbishment of old units at
Bhivpuri, major repairs to Bhira Pump Storage Unit guide vane
servomotor and Bhivpuri new units'' spherical valve seals.
Table 4: Details of hydroelectric power generation
Generation (MUs) Generation
Availability (%) PLF (%)
FY11 FY10 FY11 FY10 FY11 FY10
Bhira 318 349 99 99 24 27
Bhira Pump
Storage Unit 557 542 98 99 42 41
Bhivpuri 199 305 90 97 30 46
Khopoli 236 259 99 98 37 41
Total 1,310 1,455 97 99 33 37
- Mulshi Solar PV plant
The Company has commissioned a 3 MW grid connected solar PV plant, one
of the largest of its kind in Maharashtra, on 31st March, 2011.
- Wind generation assets in Mumbai Operations
The Company has generation assets at Supa, Bramanvel, Khandke,
Sadawaghapur, and Visapur that supply wind power to its Mumbai
Distribution business. During the year, the Company commissioned an
additional 6 MW of wind power capacity in Maharashtra, taking the total
installed wind power capacity in Mumbai Operations to 106 MW.
Table 5: Details of installed wind power capacity in Mumbai Operations
Location State Installed Capacity (MW)
Supa Maharashtra 17
Bramanvel Maharashtra 11
Khandke Maharashtra 50
Sadawaghapur Maharashtra 18
Visapur Maharashtra 10
Total 106
During the year, the Company''s wind farms in Mumbai Operations
generated 168 MUs, as against 166 MUs in the previous year.
Table 6: Details of wind power generation in Mumbai Operations
Generation (MUs) Generation
Availability (%) PLF (%)
FY11 FY10 FY11 FY10 FY11 FY10
Supa 23 27 94 98 15 18
Khandke 96 95 99 99 22 22
Bramanvel 16 19 98 96 16 19
Sadawaghapur 25 24 97 97 17 18
Visapur 8 1 99 93 21 6
Total 168 166 97 97 18 18
4.2.2 Transmission
The Company has about 1,082 circuit kms. of transmission network in
Mumbai Operations area, comprising 971 circuit kms. of 220 kV / 110 kV
overhead lines and 111 circuit kms. of 220 kV / 110 kV underground
cables, which connects Trombay and the hydro generating stations to 17
receiving stations spread across the Mumbai Operations area. The
transmission lines are used by Tata Power Distribution business,
Brihanmumbai Electric Supply and Transport Undertaking (BEST) and
Reliance Infrastructure Limited (RInfra). The major highlights for the
year were as below:
- During the year, the Company added 35.3 circuit kms. of network and
upgraded existing network and systems at several locations.
- 145 kV Gas Insulated Switchgear (GIS) has been commissioned at
Backbay for meeting projected growth in BEST area.
- A state-of-the-art SCADA system was commissioned at Dharavi, Parel,
Malad and Versova with new Remote Terminal Units.
- Under ''Jan Jagruti Abhiyaan'' initiative - an awareness campaign for
community safety and overhead line fault reduction - awareness programs
for school children were held in Borivali and Kalyan section, covering
2,150 students from 5 schools.
During the year, transmission grid availability was 98.71% (previous
year 98.86%), as against the Maharashtra Electricity Regulatory
Commission (MERC) norm of 98%.
4.2.3 Distribution
The Company''s distribution business in Mumbai has achieved significant
growth during the year. The major highlights for the year were as
below:
- System availability was maintained at a very high level, with an
Average System Availability Index (ASAI) of 99.988% in FY11, as against
99.986% in FY10. This was accompanied by a reduction in the number of
technical complaints per 1,000 customers from 13.34 to 11.
- To meet the increase in growth, 3 distribution substations and 65
consumer substations (80 MVA capacity) were commissioned. 152.27
circuit kms. of HT cable network and 97 circuit kms. of LT cable
network were added to take the total network length to more than 1,900
circuit kms. (including LT).
4.2.4 Retail
The Company''s retail business in Mumbai grew significantly, with retail
sales increase of 58% to 4,393 MUs during FY11 from 2,782 MUs in the
previous year. The major highlights for the year were as below:
- The Company acquired 98,590 changeover customers (Industrial - 2,396,
Commercial - 14,354, Residential - 81,840) and 4,093 direct customers.
The total customer base as on 31st March, 2011 was 1,61,183 (34,323
direct customers and 1,26,860 changeover customers).
- Customer satisfaction indexfor direct customers improved to 85 as
compared to 84.5 last year. For changeover customers, the index was 80.
- A state-of-the-art meter testing lab was commissioned at Dharavi.The
lab is equipped with 4fully automatic energy meter test benches by
which 500 meters can be tested in an 8 hour shift, thus significantly
increasing the Company''s testing capacity.
- A number of services / customer convenience facilities were
introduced:
- Master customer care center and 8 bill collection centers were
opened.
- A new modern call center was made operational since 2nd July, 2010
for commercial calls. The existing center continues to handle technical
calls.
- The customer information portal was revamped with many new customer
friendly features like bill calculator, demand side management (DSM)
web page, etc.
- Mobile collection van was launched for facilitating cash payments by
customers.
- Credit and debit card online payment facility was launched.
4.3 Other power plants of Tata Power
4.3.1 Jojobera Thermal Power Station
The Jojobera Thermal Power Station in Jharkhand has an installed
capacity of 428 MW. During the year, the station recorded a generation
of 3,078 MUs, which is also the highest ever, as compared to 3,002 MUs
in the previous year. The station also achieved highest ever plant
availability of 97% during the year. Unit 4 underwent complete turbine
overhaul for the first time since commissioning, resulting in
improvement in the heat rate of the Unit due to significant improvement
in vacuum.
4.3.2 Belgaum Thermal Power Station
The Belgaum Thermal Power Station, an Independent Power Producer in
Karnataka, has a heavy fuel oil-based generation capacity of 81 MW.
During the year, the plant generated 300 MUs as compared to 394 MUs in
the previous year, a decrease of about 24% due to lower demand by
Karnataka Power Transmission Corporation Limited during the rainy
season and major outages of Units 2, 4 and 5. Demand for the current
year was affected due to a better monsoon than the past year, since
demand for oil-based generation is primarily for peaking purposes.
4.3.3 Haldia Power Plant
Haldia Power Plant in West Bengal has an installed capacity of 120 MW
consisting of 3 Turbine Generator (TG) sets (2 of 45 MW and 1 of 30 MW)
and 16 waste heat recovery boilers. This is a green power plant based
on waste heat recovery from flue gas
from coke ovens of Tata Steel Limited (Tata Steel). One sixth of the
power generated is sold to West Bengal State Electricity Distribution
Company Limited and the balance is traded through Tata Power Trading
Company Limited (Tata Power Trading). During the year, the collective
generation of all units was 760 MUs. The Company completed Unit 1 TG
overhauling and annual overhauling (statutory obligations) of all 16
boilers.
During the year, Haldia division undertook several improvement
initiatives for improving plant availability and PLF like upgradation
of DM plant capacity, flue gas temperature improvement, reduction of
unplanned outages and reducing grid failures by implementation of
carrier protection and proper relay coordination, etc.
Table 7: Details of thermal power generation outside Mumbai Operations
Generation (MUs) Generation
Availability (%) PLF (%)
FY11 FY10 FY11 FY10 FY11 FY10
Jojobera 3,078 3,002 97 93 82 80
Belgaum 300 394 82 79 42 55
Haldia 760 608 92 89 78 70
4.4 Wind Generation outside Mumbai Operations
During the year, the Company acquired a 21 MW wind farm, taking the
total installed capacity outside Mumbai operations to 122 MW. The
installed capacity for wind power generation at various locations
outside Mumbai Operations is given in Table 8.
Table 8: Details of installed wind power capacity outside Mumbai
Operations
Location State Installed Capacity (MW)
Samana Gujarat 50
Gadag Karnataka 50
Nivede Maharashtra 21
Total* 122
* Total does not add up due to rounding off.
The collective generation by the wind farms outside Mumbai Operations
was 179 MUs during the year as against 154 MUs in the previous year.
Table 9: Details of wind power generation outside Mumbai Operations
Generation (MUs) Generation
Availability (%) PLF (%)
FY11 FY10 FY11 FY10 FY11 FY10
Samana 78 79 99 99 18 18
Gadag 80 75 100 99 18 17
Nivede* 22 - 96 - 12 -
Total** 179 154 98 99 17 17
* Acquired in FY11.
** Total does not add up due to rounding off.
4.5 Value Added Businesses
4.5.1 Tata Power Strategic Electronics Division (SED)
SED has been a leading domestic player in the defence systems and
engineering space for over four decades and has now emerged as a prime
contractor to Ministry of Defence (MoD) for indigenous defence products
and systems. During the year, SED has reinforced its position as
India''s premier private sector defence company in its role as a prime
systems integrator with the capability of leading alliances of
internationally reputed defence companies, in addition to being
recognised as one of the leading suppliers of defence equipment in
India.
During FY11, SED had a turnover of Rs. 140.68 crores as against Rs. 122.48
crores in FY10, a growth of 14%. SED ended the year with an order
backlog in excess of Rs.1,500 crores. During the year, SED scored a
number of achievements. Notable among them are:
- SED was awarded a contract on Modernisation of Airfield
Infrastructure - Phase I from the MoD to modernise thirty Indian Air
Force Airfields. SED is the first private Indian company to win a prime
contract against global competition under a tender categorised as ''Buy
Global'' under Defence Procurement Procedure 2008.
- Indian Army declared its Pinaka regiment comprising 20 launchers and
8 command posts developed and supplied by SED, as fully operational,
after having exercised it tactically and technically in desert terrain
in Rajasthan. This is a testimony to the engineering and technical
skills of SED as the first private sector company in India to have
designed, developed and delivered a weapon system.
- SED successfully delivered the first lot comprising four launchers of
Akash Air Force launcher programme to Bharat Electronics Limited.
- SED has received an Expression of Interest (Eol) for Tactical
Communication System programme of Indian Army of over USD 1 billion
from MoD.
To support MoD''s agenda of achieving self-reliance for Indian Defence,
SED has made substantial investments through advanced development
programmes to realise world-class indigenous products and systems,
which enables SED to address future programmes of national importance.
With increased private sector participation in defence, SED has the
necessary credibility and capability to be a long term reliable partner
for India''s defence forces.
4.5.2 Power Services Business
The Power Services business is a new division created in FY09 within
the Company with a view to leverage the Company''s capability and
experience in power plant O&M, project management, specialized testing
services and related activities. It offers customized solutions to new
as well as existing power plants and distribution networks. During the
year, the Power Services division has bagged contracts as below:
- O&M Service
- 2 x 525 MW coal fired thermal power plant at Maithon, Jharkhand of
Maithon Power Limited.
- 120 MW coal fired thermal power plant at Jojobera, Jharkhand of
Industrial Energy Limited.
- 108 MW combined cycle power plant at Rithala, Delhi of North Delhi
Power Limited.
- 70 MW coal fired thermal power plant at Korba, Chhattisgarh.
- Specialised Services
- GIS testing services were delivered to a major manufacturer for HV
testing of 220 kV GIS at Kalwa, Thane.
- GIS and field testing services were delivered to large executing
agencies for their 220 kV GIS at their Bhandup site, Mumbai.
- GIS testing was undertaken for a large EPC contractor relating to the
110 kV GIS at projects in southern India. During FY11, the Power
Services Business had a turnover of Rs. 45.45 crores as against Rs. 30.05
crores in FY10, a growth of 50%.
5. NEW GENERATION PROJECTS
5.1 Projects Under Construction
Table 10: Details of projects under construction
Fuel Source Location State Capacity (MW) Category
Total (MW)
Mundra Gujarat 4,000
Thermal -
Coal / Oil
/ Gas Maithon Jharkhand 1,050 5,090
Lodhivali Maharashtra 40
Hydro Dagachhu Bhutan 114 114
Renewables Wind farms Maharashtra
150
Tamil Nadu
185
Solar PV Gujarat
35
Maharashtra
Total 5,389 5,389
5.1.1 Coastal Gujarat Power Limited (CGPL)
CGPL, the Company''s wholly-owned subsidiary, is implementing the 4,000
MW (800 x 5 units) Ultra Mega Power Project (UMPP) at Mundra in
Gujarat. The project, estimated to cost Rs. 17,500 crores, is progressing
as per schedule, with engineering, procurement and construction
activities in full swing. The cumulative progress till the end of March
2011 was approximately 77% with total capital commitments of 100% of
total equipment ordering and a total actual expenditure of Rs. 13,166
crores. Civil, structural, mechanical, electrical and control and
instrumentation work is underway with over 11,500 direct and indirect
workmen deployed at the site.
Unit 1 boiler was lit up on 22nd March, 2011, and steam blowing is
nearing completion. The first unit is expected to be synchronized with
the grid in the second quarter of FY12. CGPL has been informed that
there is a delay in commissioning of the transmission lines by Power
Grid Corporation of India Limited (PGCIL), who are responsible for
providing evacuation facilities on behalf of the procurers. However,
both PGCIL and other Government agencies involved are making efforts to
minimize the delay. The construction and commissioning of balance four
units is progressing satisfactorily. The jetties for unloading coal, by
Mundra Port and Special Economic Zone Limited, were commissioned in
December 2010 and three coal consignments totalling 0.25 MT of coal
have already been unloaded in CGPL''s stockyard till date. As a part of
ongoing efforts, adequate safety systems have been put in place
including training and systems developed with the help of leading
safety experts like DuPont. Outreach programs are organized with the
help of an NGO to build bonds with and sensitize the supervisors,
workers and safety stewards.
CRISIL has revised its outlook on the long term loan to ''Positive'' from
''Stable'', while reaffirming the rating at ''A ''. The outlook revision
reflects the significant progress made on the project.
CGPL has taken several initiatives for the local community in the area
of livelihood and income generation, education and health as part of
its community relationship programme involving local communities. A
green belt development plan is under implementation to enhance
environment improvement in the project area.
CGPL has a subsidiary in Singapore - Energy Eastern Pte. Limited (EEPL)
for meeting its fuel logistics.
5.1.2 Maithon Joint Venture Project
Maithon Power Limited (MPL), a joint venture (JV) between the Company
(74%) and Damodar Valley Corporation (26%), is constructing a 1,050 MW
(2 x 525 MW) power plant at Maithon in Jharkhand. The Company is
rendering project management and O&M services to MPL.
Unit 1 has been successfully synchronized with secondary fuel oil on
28th March, 2011. Unit 1 coal firing and Commercial Operation
Declaration (COD) is expected before end of H1 FY12. Commissioning of
water system, including RW pumps, CW pumps, IDCT 1, etc. is completed
and DM plant operation has been put on automation. Stacker reclaimer
has been commissioned and coal bunkering for Unit 1 has commenced too.
All the balance work pertaining to coal handling and ash handling
systems, required for Unit 1 commissioning, is scheduled to be
completed before end of H1 FY12.
In Unit 2, the stator was lifted on 31st January, 2011. Turbine
erection commenced on 25th March, 2011. Erection work of the boiler is
progressing well and boiler light up is expected to be completed by H2
FY12. The unit commissioning is expected to be completed before end of
H2 FY12. As of 31st March, 2011, the Company has infused equity of
Rs.1,162.92 crores in MPL. The debt drawn by MPL is Rs. 2,420.25 crores.
5.1.3 Diesel Generation (DG) Capacity
The Company has refurbished and converted for dual fuel (natural gas
oil) operation the 4 DG sets to be commissioned at Lodhivali. The plant
is scheduled to commence commercial operation post receipt of gas from
GAIL (India) Limited in H1 FY12.
5.1.4 Dagachhu Hydroelectric Power Project, Bhutan
The 114 MW (2 x 57 MW) Dagachhu project is being implemented by
Dagachhu Hydro Power Corporation Limited (a JV of the Company [26%]
with Druk Green Power Corporation Limited [59%] and National Pension
and Provident Fund of Bhutan [15%]) in Bhutan. Diversion of Dagachhu
river for weir construction has been completed and weir foundation is
ready for concreting. Concreting of the desilter is in progress. Work
for head race tunnel, power house access tunnel, etc. is in progress.
Cumulatively, 3.12 kms. of tunnelling has been completed. Manufacturing
activities pertaining to bifurcator, distributor, power house crane,
switchgear, generator, etc. are in progress and generator frames have
already been dispatched to the project site. The project is expected to
be commissioned in FY14.
5.1.5 Renewable Projects
- Wind Power
The Company is developing wind power projects of over 200 MW, of which
150 MW is proposed to be commissioned during FY12 across Maharashtra
(50 MW) and Tamil Nadu (100 MW).
- Solar Power
The Company is developing a 25 MW solar PV plant at Mithapur in Gujarat
through its subsidiary, Industrial Power Infrastructure Limited (IPIL).
IPIL has signed a Power Purchase Agreement (PPA) with Gujarat Urja
Vikas Nigam Limited for the same. The purchase orders have been placed
for the development of solar fields and the project activities have
commenced. The Company is also developing a solar PV plant of 10 MW
between Mulshi on its own land and on the identified roofs of the plant
premises of Tata Motors Limited at Pune.
5.2 Projects Under Planning - India
5.2.1 Coastal Maharashtra Project
During the year, the Company has made further progress in the Coastal
Maharashtra project at Dehrand, Maharashtra. All statutory clearances
for commencement of initial phase of 1,600 MW are in place. Agreement
for fresh water allocation for the project has been signed with the
Maharashtra Industrial Development Corporation (MIDC).
Subsequent to the issue of Gazette notification by Government of
Maharashtra (GoM) u/s 32(1) of the Maharashtra Industrial Development
Act, 1961 (MID Act), a high powered committee of GoM approved the land
compensation payable to land owners. Actual compensation disbursement
to land owners commenced on 3rd August, 2010, by District Collector as
per provision under MID Act. MIDC has so far acquired more than 50% of
private land. Acquisition of balance land is in progress.
Socio-economic survey of project affected persons in respective
villages has been completed. Economic options for coal logistics are
under evaluation.
5.2.2 Tiruldih Power Project, Jharkhand
The process of land acquisition for the 1,980 MW project is in progress
and the first tranche of 101 acres of land has been transferred in the
name of the Company on 28th March, 2011. The entire land acquisition
process is scheduled to be completed by March 2012. The Company is in
discussions with the Government of Jharkhand (GoJ) for a Memorandum of
Understanding (MoU) for allocation of water, various land related
permissions, right of way for transmission lines / water pipelines,
coal allocation from Jharkhand State Mineral Development Corporation
Limited in exchange for sale of power (25% capacity) from the proposed
plant, etc. Application for water allocation of 62 cusecs for the
project has been made to the water resource department, GoJ. It is
anticipated that the allocation of water will be from Chandil reservoir
which is about 25 kms. away from site. In-principle clearance has been
received from Railways for transportation of coal from Tubed coal
block. On Environmental Clearance (EC), Terms of Reference (ToR) have
been approved by Ministry of Environment and Forests (MoEF).
Environmental monitoring has been completed and Environmental Impact
Assessment (EIA) report is under finalization. Discussions have been
initiated with Tata Steel for developing the captive unit and entering
into a MoU for the same. The Company expects to issue Notice To Proceed
(NTP) for the project around Q4 FY12 (Zero date being considered in Q1
FY13).
5.2.3 Kalinganagar, Orissa 652.5 MW [3 x 67.5 MW (Gas based) 3 x 150
MW (Coal and gas based)]
The project is being executed through Industrial Energy Limited, a JV
of the Company (74%) with Tata Steel (26%). Tata Steel has commenced
project related works for its 3 MTPA steel plant and has requested the
Company to initiate the enabling works related to power plant. RITES, a
Government of India (GoI) enterprise, has been appointed as the
consultant for preparation of combined Detailed Project Report (DPR)
for Tata Steel and the Company''s prospective coal unloading
arrangements, obtaining approval from East Coast Railways, etc. Tata
Steel has already obtained EC for production gas-based plant along with
their steel plant. Water allocation has also been obtained. Process has
been initiated for obtaining coal linkage, water allocation, EC, etc.
for additional coal-based plant. The ToR has been approved by Orissa
State Pollution Control Board (OSPCB). Tata Consulting Engineers
Limited (TCE) has been engaged as the Owners'' Engineer and DPR, plot
plan, technical specifications for various packages, etc. are under
finalization. Soil investigation is currently underway at the project
site and zero date for the gas based project is envisaged in H2 FY12.
5.2.4 Maithon Expansion – 1,320 MW (2 x 660)
The Company has finalised the DPR and initiated studies for obtaining
EC for the project. No additional water allocation is required for
expansion project as the Water Optimization Study by TCE has confirmed
that water allocated for Phase I will suffice the Phase II requirements
also. Currently, the environmental consents are in progress.
Subsequently, the Company expects to start the site related activities
by H1 FY13 and place orders for its main plant equipment in H2 FY13
(Zero date being considered in H2 FY13).
5.2.5 Dugar Hydroelectric JV Project
The consortium of the Company and SN Power Singapore Pte. Limited (SN
Power), a subsidiary of Statkraft, Norway, was successful in winning
the Dugar hydroelectric power project through a competitive bidding
process carried out by the Government of Himachal Pradesh (GoHP). The
project is being developed through a Special Purpose Vehicle (SPV),
Dugar Hydro Power Limited (DHPL). DHPL is a JV between the Company (50%
1 share) and SN Power (50% - 1 share). The capacity for the project
is estimated to be between 236 MW-280 MW. This is a
Peaking-Run-of-the-River (PROR) project with storage, for peaking
capacity in the lean season. It is the last project in cascade in
Himachal Pradesh on the river Chandrabhaga (Chenab).
The letter of intent was issued to the Company on 5th April, 2011, and
the letter of allotment on 4th May, 2011. The Pre-implementation
Agreement is to be signed with the Directorate of Energy, GoHP,
shortly. The Company is undertaking a detailed exploration and design
study to plan and finalize the project implementation.
5.2.6 Naraj Marthapur Project, Orissa
The major clearances for the 660 MW Naraj Marthapur project have been
obtained. The EC has been granted by MoEF, subject to clearance from
National Board of Wild Life for which the process is on.
5.3 Projects Under Planning – International
5.3.1 Tamakoshi - 3 Hydroelectric Power Project, Nepal
On 22nd July, 2010, the Company signed a Shareholders'' Agreement (SHA)
with SN Power to acquire an equity holding of 50% - 1 share in the
project SPV to develop, own and operate the Tamakoshi 3 Hydroelectric
Power Project located at the Dolakha and Ramechhap districts in Nepal.
The SHA is pending approval of Government of Nepal (GoN).
5.3.2 Sorik Marapi Geothermal Project, Indonesia
On 2nd September, 2010, the consortium of Tata Power – Origin – Supraco
was awarded the 240 MW Sorik Marapi geothermal project in Indonesia
based on the tariff of USD 0.081 / kWh. The development of the project
will require a process of progressively proving the technical and
commercial viability of the project while also meeting a range of
regulatory obligations.
From the assessment of existing resource data, preliminary locations
have been identified for exploration wells within the inferred high
temperature resource area. Initial surface exploration (geology,
geochemistry and geophysics) have commenced along with community
relations activities at the project area. The exploration phase would
end by H1 FY13, after which the project implementation details will be
finalised.
6. KEY SUBSIDIARIES
6.1 Industrial Energy Limited (IEL)
IEL is presently operating Power House 6 in Jamshedpur and Unit 5 in
Jojobera. During the year, IEL earned Revenues of Rs. 125.41 crores and a
PAT of Rs. 24.88 crores, as against Rs. 70.74 crores and Rs. 9.46 crores
respectively in the previous year. IEL commenced operations in May
2009.
6.1.1 Power House 6 (PH6) at Jamshedpur
120 MW PH6 is the first unit of IEL and is located inside Tata Steel
works at Jamshedpur. During the year, PH6 recorded a generation of 738
MUs while achieving generation availability of 93%.
Table 11: Details of thermal power generation for FY11 – IEL
Generation (MUs) Generation
Availability (%) PLF (%)
FY11 FY10 FY11 FY10 FY11 FY10
PH6, Jamshedpur 738 563 93 89 70 54
6.1.2 Unit 5 at Jojobera
A 120 MW coal-based power plant has been commissioned at the Company''s
existing site at Jojobera to cater to the increasing demand of Tata
Steel. The COD was declared on 27th March, 2011.
6.2 Maithon Power Limited
MPL is constructing a 1,050 MW (2 x 525 MW) power plant at Maithon in
Jharkhand (Refer Section 5.1.2).
6.3 Powerlinks Transmission Limited (PTL)
PTL is a JV between the Company (51%) and PGCIL (49%). PTL transmits
power from the 1,020 MW Tala Hydro Electric Power Project in Bhutan and
surplus power from the Eastern / North-Eastern region of India through
its transmission lines between Siliguri (West Bengal) and Mandaula
(Uttar Pradesh), spanning a distance of 1,166 kms. The availability of
transmission line was maintained at 98.62% for Eastern Region and
99.78% for Northern Region in FY11, as against the minimum stipulated
availability of 98%.
During FY11, PTL has earned revenues of Rs. 288.41 crores (previous year
revenues of Rs. 300.98 crores) and a PAT of Rs. 105.68 crores (previous
year PAT of Rs. 108.09 crores). PTL has paid interim dividend of Rs. 1.4
per share (previous year interim dividend - Nil) and recommended final
dividend of Rs. 0.70 per share for FY11 (previous year final dividend Rs.
1.80 per share).
6.4 North Delhi Power Limited (NDPL)
NDPL, engaged in distribution of electricity in North and North West
Delhi, is a subsidiary of the Company (51% share), the balance being
held by Delhi Power Company Limited (a Government of Delhi
undertaking). NDPL services over one million consumers spread over 510
sq. kms. in the North Delhi area. The peak load in this area is about
1,313 MW, with energy consumption of over 7,300 MUs.
NDPL has earned revenues of Rs. 4,099.85 crores during FY11, a growth of
about 21% over the previous year (Rs. 3,393.81 crores). The Company
earned PAT of Rs. 258.18 crores in FY11 compared to Rs. 350.73 crores in
FY10. PAT for FY10 included reversal of deferred tax liability of
earlier years amounting to Rs. 139.15 crores. The Aggregate Technical and
Commercial losses have been reduced at the end of FY11 to around 13.2%
against the regulatory target of 17%.
The Tariff Order for FY11 was not released by Delhi Electricity
Regulatory Commission due to a stay order of Delhi High Court in a
Public Interest Litigation filed before it. The stay has now been
vacated and tariff for FY12 is under determination. Therefore, NDPL is
currently billing its consumers at a rate which was projected for FY10
and based on power purchase cost of Rs. 2.63 per unit as against actual
cost of Rs. 3.68 and Rs. 4.21 per unit respectively for FY10 and FY11. Due
to the delay in release of tariff order, NDPL''s current year revenues
include Rs. 1,156.43 crores (previous year Rs. 672.68 crores) as income
recoverable from future tariff.
NDPL estimates that it would need an appropriate hike in tariff to
recover the regulatory assets. Regulator has issued a letter of comfort
to NDPL clarifying that these dues would be recognized in tariff order
after prudence checks in course of tariff determination exercise and an
amortization plan for these dues along with carrying cost at prevailing
rates of interest would be provided in the tariff order expected to be
issued by August 2011.
During FY11, NDPL was bestowed the ''Asian Power Utility of the Year
Award'' for 2010, by Asian Power Awards, Singapore for the fourth year
in succession, ''Excellence Award'' by Institute of Economic Studies and
the Safety Innovation Award 2010 by the Institute of Engineers (India).
6.5 Tata Power Trading Company Limited
Tata Power Trading, incorporated in December 2003 with an equity
capital of Rs. 2 crores, was the first company in India to receive a
power trading license from the Central Electricity Regulatory
Commission (CERC) in June 2004.
Tata Power Trading transacted 4,354 MUs during the year as compared to
4,075 MUs in the previous year and has shown a CAGR of 29% over the
past 5 years. It was ranked the fifth largest trader with a market
share of 8% in 2011.The gross revenue for FY11 was Rs. 1,933.12 crores as
compared to Rs. 2,275.78 crores in the previous year. The decrease in
revenue was mainly due to the decrease in the average rate of power
from Rs. 5.58 / kWh in FY10 to Rs. 4.43 / kWh in FY11. The PAT increased by
11% to Rs. 9.15 crores, as against Rs. 8.24 crores in the previous year.
Electricity traded in the short term power market has gradually
increased to nearly 7% of the generation, of which close to 5% is via
bilateral trading and the balance 2% is through power exchanges. With
the advent of the power exchanges in 2008 and the priority given to
them by CERC for booking of corridors in the day ahead market, volumes
on the exchange platform are on an increasing trend. Tata Power Trading
has participated actively in the exchange segment. Nearly one third of
the total clients registered with the power exchanges are now with Tata
Power Trading. In addition to short term trading, Tata Power Trading
has also diversified its supply sources by entering into long term
power purchase contracts with various power developers for sale of
their power in the long term as well as in the merchant market.
6.6 Trust Energy Resources Pte. Limited (Trust Energy)
Trust Energy, a wholly-owned subsidiary of the Company, was set up in
2008 to manage overseas fuel logistics and coal sourcing, thereby
achieving vertical integration in order to support the Company''s
growing power business.
Trust Energy (along with EEPL, a wholly-owned subsidiary of CGPL) has
organized a fleet of five Cape size vessels. Trust Energy has purchased
two new vessels, Trust Agility, which was delivered in May 2011 and its
sister vessel, Trust Integrity due to be delivered in H1 of FY12, both
built at STX Offshore and Shipbuilding Company Limited of South Korea.
EEPL has entered into long term charters for another three cape size
vessels. The shipping operations are scheduled to commence from FY12
with the commissioning of the power plant at Mundra. With increase in
the generation portfolio and hence, imported coal requirement of Tata
Power, Trust Energy will play an increasingly important role in
securitization of coal supply and shipping of imported coal for Tata
Power''s thermal power generation operations.
6.7 NELCO Limited (NELCO)
NELCO, established in 1940, is listed on Bombay Stock Exchange Limited
(BSE) and National Stock Exchange of India Limited (NSE). The Company,
along with its subsidiary, holds 50.1% stake in NELCO.
NELCO''s current businesses cater to physical safety and security
solutions for defence establishments, homeland security, mass
transportation like railways, process monitoring solutions for some
specific industries like steel plants, refineries, energy
establishments, etc. and turnkey satellite communication networks in
India and abroad, including related managed services. It also provides
24 x 7 network management and communication services to more than 400
corporate and enterprise customers in India. Tatanet Services Limited
(Tatanet), a subsidiary of NELCO, holds the requisite licenses for
providing the shared hub VSAT services. Apart from these, NELCO is
providing niche meteorology solutions to sectors like Indian Air Force
and meteorology department.
With effect from 28th July, 2010, NELCO has transferred the
undertakings which comprise traction electronics, SCADA and industrial
drives businesses as a ''going concern'' on a slump sale basis to
Crompton Greaves Limited for a total consideration of Rs. 81 crores.
During the 12 months period ended 30th September, 2010, NELCO has
posted a Total Income of Rs. 142.82 crores and PAT of Rs. 21.40 crores.
6.8 Af-Taab Investment Company Limited (Af-Taab)
Af-Taab is a wholly-owned investment subsidiary of the Company. During
FY11, Af-Taab earned an operating income of Rs. 206.65 crores and PAT of
Rs. 163.07 crores, as against Rs. 39.55 crores and Rs. 15.07 crores
respectively in FY10. The growth in profit is primarily due to sale of
long term investments.
6.9 Chemical Terminal Trombay Limited (CTTL)
CTTL is a wholly-owned subsidiary of the Company offering warehousing
facility for organic and inorganic chemicals including petrochemicals.
During FY11, CTTL earned an operating income of Rs. 13.37 crores and PAT
of Rs. 3.44 crores, as against Rs. 11.15 crores and Rs. 3.41 crores
respectively in FY10.
7. INVESTMENTS IN INDONESIAN COAL COMPANIES
The outstanding debt taken for the acquisition of a 30% stake in two
major Indonesian Coal Companies, PT Kaltim Prima Coal and PT Arutmin
Indonesia and related companies (Coal Companies) stood at USD 240
million as on 31st March, 2011 compared to USD 695 million as on 31st
March, 2010. The Coal Companies raised USD 450 million in April 2011
through a hybrid issue guaranteed by Tata Power. USD 242 million out of
the USD 450 million raised by the hybrid issue were used to prepay the
non-recourse loan. The prepayment was with effect from 10th May, 2011.
The performance of the two Indonesian thermal coal companies, viz. PT
Kaltim Prima Coal and PT Arutmin Indonesia continued to be robust. The
production during calendar year 2010 was 60 MT as against 63 MT in
2009. The main reason for the drop in production was very heavy
monsoons during the third calendar quarter. Coal prices showed good
recovery in CY10. Coal price realization for the year was USD 68 /
tonne as compared to USD 50.6 / tonne in the previous year. These high
prices of coal ensured that the profitability of the coal companies
improved even with a marginal fall in production.
The equity interest in the two Indonesian Coal Companies provides a
natural hedge for the power business, which uses imported coal, against
rising coal prices, besides providing security of fuel supply through
the offtake agreements.
8. SUSTAINABILITY AT TATA POWER
Sustainability forms the core of the Company''s vision - To be the most
admired Integrated Power and Energy Company delivering sustainable
value to all stakeholders. In fact, the Company owes its very
existence to its founder, Mr Jamsetji Tata''s vision that Clean, cheap
and abundant power is one of the basic ingredients for the economic
progress of a city, state or country. The vision of the Company''s
founder is the guiding principle for its sustainability initiatives.
At Tata Power, Sustainability integrates economic progress, social
responsibility and environmental concerns with an objective of
improving the quality of life for all stakeholders, now and for
generations to come. The Company views it as an opportunity to make a
difference and remain committed to the issues of resource conservation,
energy efficiency, environment protection and enrichment and
development of local communities in and around its areas of operations.
It is an integral part of the Company''s objective of ''Leadership with
Care''.
In its drive towards a clean environment, the Company is trying to set
standards in the development and implementation of advanced
eco-friendly technologies and processes for energy management. The
Company is working with policymakers and regulators to advance
technology, strengthen the renewable energy portfolio, accelerate the
development of cost-effective energy efficiency programs and manage
consumers'' demand for electricity. The Company has also tied up with
various organizations engaged in cutting-edge research in the
renewables space and is piloting projects based on geothermal energy,
solar concentrators, biomass gasification, etc. - all with a view to
bring these to commercial operation and scale in the medium term.
During the year, the Company has notched up a number of achievements in
relation to Sustainability, chief of which are as below:
- The Company has been bestowed two awards - ''Best performer in the
Power Industry'' at the Financial Express - Emergent Ventures India
Green Business Leadership Awards and Certificate of Merit - Global CSR
Awards 2010.
- With a view to bring in external views and insights into the
sustainability process, a Sustainability Advisory Council was
constituted in FY11, with experts from the field of climate change,
community development and sustainable environment management. The
council meets regularly and guides the Company in its sustainability
and community relations journey, including contributing to strategy
development.
- Tata Power Energy Club (the Club)-
- In FY11, the Club has reached out to 285 schools nationwide (Mumbai,
Delhi, Kolkata, Pune, Ahmedabad, Bengaluru, Lonavla, Jamshedpur,
Belgaum), sensitised over 1.1 million citizens and saved more than 2.4
MUs. The Club has a strong, sustainable and replicable model to
spearhead a movement. It has developed 26,895 Energy Champions, 39,356
Energy Ambassadors and 154 self-sustaining mini energy clubs this year.
This energy brigade is creating a self- sustaining movement on energy
conservation across the nation.
- The Club has also been recognised internationally and was bestowed
the ''Most Innovative Campaign'' award at USA''s The Energy Daily''s 2010
Leadership Awards. The Association of Business Communicators of India
has bestowed a gold award on the Club for ''Environment Communications''
and it has also ranked 2nd among 22 participants in ''Earth Care''
category for Siemens Ecovative Award 2010.
- Cumulatively, from 2008 onwards, the Club has reached out to more
than 450 schools across India, sensitised more than 2 million citizens
and saved more than 3.4 MUs. The Club has an energy brigade comprising
40,445 Energy Champions and 70,450 Energy Ambassadors.
- A BPO unit at Khopoli, a JV of the Company, Mannat Foundation (an NGO
formed by the Company) and Tata Business Support Services Limited, has
provided jobs to 213 local people in the catchment areas of the
Company''s hydro power stations.
- Improvement of comprehensive education programme has benefited over
13,000 students with over 600 learning centers in Maithon, Jharkhand.
- HIV/AIDS awareness covered 45,890 people across Mumbai.
- Mobile medical services and health camps by the Company serviced
19,640 patients.
- 1,480 members from 89 Self-Help Groups have saved aboutRs. 12 lakhs.
- Employee volunteers have contributed a total of 6,242 hours for
various social and environmental causes.
- The Company has a portfolio of five DSM programs for different
category of consumers, thus becoming the first utility in India to
launch five DSM programs with approval from the regulator.
- Sustainability awareness sessions have been conducted at various
locations of the Company. A total of 1,516 employees have been covered
till March 2011.
9. GLOBAL COMPACT COMPLIANCE
The Company has been reporting data since 2006 as per the Global
Compact Initiative taken up by the Secretary General of the United
Nations in 2002. The Compact requires businesses to adhere to Ten
Principles in the areas of human rights, labour standards, environment
and anti-bribery. The Company submitted to the Global Compact website
its ''Communication on Progress'' as required in respect of
implementation of the Ten Principles in its business processes. In
accordance with the Global Reporting Initiative (GRI) guidelines, the
Company is in the process of conducting a Stakeholder and Materiality
analysis. The feedback from this study will be used to formulate the
Company''s Sustainability Report in accordance with the GRI G3
guidelines.
The Company has also adopted Corporate Sustainability Protocol (CSP)
since FY11, which is a score based system, intended to improve overall
sustainability in the Company. Each division must achieve the yearly
target set for the Company. In order to achieve the target, the
divisions must set up and implement action plans where the lacunae have
been identified. This not only ensures a higher CSP score for their
division but helps in achieving overall sustainability targets for the
Company.
10. SAFETY
The Company has given safety a high priority, appointing DuPont as a
consultant to guide it on its journey to Safety Excellence. A number
of initiatives have been taken to embed a culture of safety and safe
working practices in the organisation. A detailed corporate safety
action plan has been prepared, including the activities that will be
guided and supervised by DuPont staff and by the Company staff on a
monthly basis. An Apex Safety Committee (ASC) - chaired by the Managing
Director - reviews the Company''s safety performance every two months
and guides the implementation of detailed action plans through Central
Safety Committees and Site Implementation teams at all sites. Five
Corporate Committees for Safety Observations, Incident Investigation,
Rules and Procedures, Capability Building and Contractors Safety
Management act as ''Keepers of Standards'', introducing new and improved
procedures, systems and processes for implementation through the ASC
and the local counterparts of the five corporate committees. An
integrated Safety Management System based on Occupational Health and
Safety Administration Process Safety Management Model was developed and
has been implemented across the Company.
New safety work procedures in line with DuPont methodologies have been
implemented. Intensive training modules have been organised by DuPont
as well as DuPont trained trainers. Various meetings were organised on
safety, including a safety strategy meet, a construction safety meet
organized at Maithon and an annual safety meet of safety professionals.
Safety requirements have been drilled down to the level of contractors''
employees and made a part of all contracts.
The Company has also deployed software for recording, analyzing and
reporting the results of Safety Training Observation Program (STOP)
audits, a proprietary DuPont methodology for safety observations.
Additionally, software for safety audits and incident reporting
including near-misses with tracking of implementation of
recommendations has been deployed. A cross functional audit team
trained by DuPont has been conducting audits against safety standards
at the Company''s project sites at regular intervals.
During the year, the Jojobera Thermal Power Station was bestowed the
''Shreshtha Suraksha Puraskar'' award by the National Safety Council of
India for the assessment period of 2006 to 2008, and the Trombay
Thermal Power Station was bestowed the Greentech Gold award for safety
in the Thermal Power Sector.
11. RENEWABLES AND NEW TECHNOLOGY
The Company is a member of the Cleantech Forum and various websites,
which helps it to keep abreast of the Research and Development (R&D)
updates on clean technologies. Periodic visits to vendors and
participation in conferences also assist in identifying and selecting
companies for reviewing. Interactions are on with faculty members from
the Indian Institute of Technology (IIT) - Bombay, Mumbai University
Institute of Chemical Technology (ICT), Massachusetts Institute of
Technology (MIT), University of California at Berkeley, Purdue and
Washington Universities to stay updated on technology. Various
technologies in a variety of areas like CO2 absorption using algae,
carbon capture reuse and storage, fuel cell (telecom tower
application), gasification (biomass, coal), solar (PV, thin-film and
concentrated thermal), micro-turbine wind energy generation, etc. are
being evaluated. During the year, the Company has continued to expand
its presence in the field of renewable energy. Some key highlights
are:
Geothermal - The Company has invested in Geodynamics, a leading
Australian company in enhanced geothermal systems with a view to bring
the learnings from the investment to India. The Company has invested
AUD 50 Million in the project so far.
Solar Concentrated Thermal - The Company is working on two different
technologies - a 1 MW unit in association with IIT Bombay and a 500 kW
unit with ICT and Tata Steel. Further, field experiments are being
carried out to minimize the water resource for cooling purposes by
implementing geo-exchange cooling.
Floating Solar PV - Sunengy Pty. Limited (Sunengy) is an Australia
based start-up company that has designed a floating concentrated PV
system using Fresnel lenses. Tata Power is planning to test a 13.5 kW
pilot unit at Walwhan lake. In order to bring the cost of the Sunengy
units further down, talks are on with local vendors for supply of parts
and manufacturing in India. The project is expected to be completed in
FY12.
Micro-Wind - Windtronics wind turbines are 2 kW units with very low
cut-in speed. This makes them ideal for Indian conditions where the
wind speeds are not very high. Tata Power has completed installation of
one of the 2 kW Windtronics micro-wind turbines in the hydro generating
area, and the installation of the other unit at Trombay Power station
is currently under progress.
Microwave applications in drying of coal - There are losses in
efficiency due to high moisture content in coal used in coal fired
power plants. In order to reduce these losses and investigate the
possibility of drying of coal using microwave, preliminary studies
along with experiments were carried out. The success of the study will
pave the way for establishing future capacity. This application would
also be useful in the Exergen process for removing the moisture from
the coal.
CO2 sequestration using algae - The Company is exploring options of
capturing the CO2 generated from its thermal power stations using
algae. This will essentially reduce the amount of CO2 generated from
the plant while assuring sustainable utilization of the CO2. A 10 TPD
CO2 capture pilot plant is proposed at Trombay and subsequent usage of
the CO2 for algae uptake.
12. CORPORATE SERVICES
12.1 Financing
In April 2011, the Company raised, through its wholly-owned subsidiary
- Bhira Investments Limited, a USD 450 Million 60 year (Non-callable
for 5 years) hybrid capital securities offering guaranteed by the
Company, at 8.5% p.a., payable semi-annually. The proceeds of the issue
of the securities will be applied to fund its corporate and acquisitive
activities and to repay outstanding loans.
The Company issued 15 year Non-Convertible Debentures (NCDs)
aggregating Rs. 350 crores at a fixed interest rate of 9.15% p.a., in
July 2010. The proceeds of this issue were utilized to prepay an
existing 10.95%, 10 year term loan from Indian Renewable Energy
Development Agency Limited (IREDA) availed by the Company for funding
its wind projects in Gujarat and Karnataka. The Company issued further
15 year NCDs in September 2010, aggregating Rs. 250 crores, at a fixed
interest rate of 9.15% p.a., for meeting its general corporate
objectives and part funding wind power project requirements.
IREDA sanctioned a Rs. 450 crores line of credit to the Company at 9.60%
p.a., with an interest reset at the end of the 5th year and annually
thereafter, for part funding the capital expenditure requirements
relating to wind power projects. This line is available for drawdown
till March 2012.
The Company availed a term loan of Rs. 150 crores at an interest rate of
10% p.a. from ICICI Bank Limited (ICICI Bank) in July 2010, for partly
funding the capital expenditure requirements of its Mumbai Operations.
The Company availed an unsecured term loan from ICICI Bank of Rs. 29
crores at the rate of 6% p.a. in March 2011. The proceeds of this loan
will be used for developing a few critical technologies in the area of
CO2 capture and reuse (using algae) for the power sector and advanced
electronics for defence sector.
Moody''s has retained the Company''s corporate family rating at Ba3 and
senior unsecured rating at B1 with a stable outlook, S&P has retained
the corporate credit rating to BB- with a positive outlook and ICRA has
reaffirmed its LAA rating on the Company''s NCDs programme with
''Positive'' outlook and also reaffirmed its A1 rating on the Company''s
commercial paper / short term debt programme.
Trust Energy secured a long term loan of USD 141.84 mn from ICICI Bank
Limited (Singapore) on a debt equity ratio of 80:20 to finance the
contract price of 2 ships. Till 19th May, 2011, USD 112.21 million has
been drawn down under the loan facility.
12.2 Business Excellence
- Tata Business Excellence Model (TBEM)
During the year, the Company continued on its journey of business
excellence by strengthening its existing initiatives and introducing a
few new ones to cater to the demands of the changing business
environment, including in the areas of customer management, process
management, operational excellence and cost reduction. The TBEM
assessment during the year resulted in a marginal drop in scores, and
diagnosed that some of the processes in the organization were now ready
for an improvement to the next higher level, and that the organization
needs to focus on safety practices that can take the challenge and
complexity of doing mega projects in India with world-class safety
systems.
- Organisation Transformation (OT)
The OT exercise rolled out during FY09 made significant progress. A
total of two hundred officers in the management cadre, across
functions, levels and sites have been covered, which is close to the
critical mass required for effective transformation. These officers, in
critical positions including divisional / departmental heads and
functional heads are supporting the organizational interventions like
performance management, operational excellence, employee development
through role-model leadership, improving employee engagement in their
areas of improvement and taking part in improvement initiatives
themselves. The cultural shifts, though hard to quantify, include
taking ownership, collaborative responsiveness, taking decisions that
address the greater common good, and working on their own individual
development plans. Another OT initiative, LASER (Learn, Apply, Share,
Enjoy, Reflect), aimed at achieving high standards of shop-floor
excellence and strengthening the relationships between front-line
officers and workmen achieved high levels of success, in terms of
relationship building, improving operational efficiencies, and
improving the workplace through programmes like autonomous maintenance,
5-S and focused improvement projects, overall equipment effectiveness,
safety, etc. The programme covered all operating sites, and resulted in
a saving of Rs. 7 crores through focused improvement projects (most
projects undertaken are being horizontally deployed, and savings
accrual has not been taken on board), and impacted other performance
indicators like cycle time reduction in processes, savings in water
consumption, improvement in customer facing processes, etc.
Structured Problem Solving (SPS)
The SPS programme has been launched in the Company this year and is
presently being extended to the various locations. SPS attempts to
analyse data available from the various processes, using quality tools,
and arrive at solutions for continuous improvements.
- Sankalp
Sankalp, a programme to bring in operational excellence, delivery
excellence and cost efficiency, would be launched in the Company early
next year. The preparatory work of team formation has been completed.
12.3 Human Resources Development
During FY11, net addition to manpower was 461 people, primarily to
enhance project execution skills and build operations teams for
upcoming power plants, taking the total to 4,270. During the year under
review, a number of HR initiatives were taken to supplement the
Company''s effort towards business sustainability and growth.
- Employee Engagement
Based on the employee engagement and satisfaction survey by Gallup in
FY10, VOICES communication and action planning workshops were conducted
to communicate the survey findings and facilitate formulation of action
plans at different divisions to address areas of concern. In FY11, the
engagement score crossed the ''4'' point mark.
- Training
A number of training programmes were conducted to ensure development of
the required competencies. A training program on project management,
developed by URS Corporation, jointly with Clemson University and
Construction Industry Institute, was conducted for the Company''s
engineers at Princeton, New Jersey in USA. Special training programmes
were initiated through reputed premier institutes like IIT-Kharagpur
and Birla Institute of Technology and Science, Pilani to enhance
technical competency of employees. The Company''s centre for excellence
and learning, Tata Power Training Institute at Ambernath, was
inaugurated with the start of training programme for cable jointers and
linemen.
- Talent Management and Succession Planning
To identify the right talent and develop a pipeline of key resources,
the Company has a structured talent management process whereby high
potential officers were identified and individual development plans
prepared to hone their potential. In addition, four officers were
selected through ACE 2011, a specialized program to provide fast track
career growth opportunities and leadership exposure to bright young
officers. The succession planning exercise was reviewed and updated in
view of various changes and developments in the organization.
Performance Management System (PMS)
The PMS is a well evolved system with appraisal letters being issued
within a month of closure of the financial year, for the fifth year in
a row.
- Compensation Benchmarking
Salary restructuring and revision were completed in 2010 for all
officers in accordance with the market benchmarks. Additional merit
rise was given to retain key officers.
- Industrial Relations
On the industrial relations front, the Company enjoyed a cordial year.
Mumbai Operations Union settlement was signed on 30th August, 2010 for
a period of four years, i.e. January 2010 to December 2013.
12.4 Regulatory matters
The business of Tata Power is governed primarily under the Electricity
Act, 2003 (EA 2003) and the regulations framed by the regulatory
commissions under EA 2003. The regulations framed, and sometimes, the
discretion of the regulatory commission, decide the revenue that is
allowed for the Company and the tariff to be charged to the consumers.
Every year, each regulated business of the Company is required to file
two documents with the concerned regulatory commission - an Annual
Performance Review (APR) for the year gone by and Annual Revenue
Requirement (ARR) for the coming year. The APR contains details of the
actual performance of the business, including all relevant operational
and financial details. The ARR contains the projected revenue
requirement based on demand projections, fuel cost and plans for
operational and capital expenditure.
The regulatory commission reviews both documents and subjects both to a
public scrutiny, which culminates in a public hearing, which is open
for all to attend. In the hearing, the comments and observations of
consumer representatives, consumer forums, power sector experts,
individual consumers, etc. are heard by the regulatory commission and
responded to by the Company. Thereafter, the tariff is published
through the tariff order issued by the regulatory commission.
The legal provisions permit an appeal in the Appellate Tribunal for
Electricity (ATE) against the decisions of the regulatory commission on
tariff or other matters and thereafter, in the Supreme Court.
Of late, regulatory commissions have issued Multi Year Tariff (MYT)
regulations, that propose a method to fix tariff for a period of 5
years, with a possibility of a mid-term review.
12.4.1 MERC tariff order for FY11
MERC passed an order in September 2010 on the Company''s tariff petition
for FY11. In its tariff order, certain expenditure for FY09 was
disapproved by MERC. An appeal has been filed against such
disallowances in the ATE.
12.4.2 Appeals against MERC Tariff Orders
The Company had filed appeals in the ATE with regards to certain
disallowances in the tariff orders for FY10 passed in May-June 2010.
The ATE passed an order allowing the contentions of the Company on most
issues. The Company will, in the next filings for tariff, ask MERC to
implement the impact of the judgement of the ATE.
12.4.3 Power Sale to Mumbai during the year
Immediately after the judgement of the Supreme Court on the PPAs
matter, the Company notified RInfra of its intention to stop supplying
460 MW power to it from 1st April, 2010, giving RInfra a notice of over
9 months to arrange power from elsewhere for its consumers. Further,
the Company signed an agreement with BEST to supply 100 MW of the
remaining capacity. RInfra had approached the GoM for relief. In
response, the GoM issued a memorandum in which it suggested supply of
certain quantum of power during FY11 to RInfra against which the
Company had filed a Writ Petition in the Bombay High Court.
Despite the setting aside of the memorandum by the Bombay High Court
(refer section 12.6.3 for details), the Maharashtra State Load Despatch
Centre (MSLDC) did not schedule the power requisitioned by the Company.
The Company has filed petitions / appeals in various forums challenging
the refusal of MSLDC to schedule power according to dispatch
instructions of the Company, including the supply from Tata Power
(Generation) to Tata Power (Distribution) towards additional power
required by Tata Power (Distribution) to meet the load requirement of
its consumers in Mumbai Operations area. The matters are presently
pending. MSLDC has started scheduling additional power from Tata Power
(Generation) to Tata Power (Distribution) according to its dispatch
instructions with effect from 1st April, 2011.
In the meantime, MERC on the advice of the GoM, initiated a suo motu
hearing on this matter in June 2010, seeking views of the public at
large. The order of MERC is awaited.
12.4.4 Changeover of consumers to Tata Power
The Company has successfully changed over a large number of consumers
from another power distributor to Tata Power (Refer section 4.2.4 for
details). It was contended that such changeover is causing financial
loss due to loss in cross subsidy and this loss needs to be recovered.
A petition was filed in MERC, which decided that this would be
considered at the time of the tariff filings of the other distributor.
The order on tariff filings is awaited.
12.4.5 MYT regulations of MERC
MERC has announced the MYT regulations for determination of tariff. The
allowable revenue for the Company''s Mumbai Licensed Area for the period
of 5 years from FY12 to FY16 (called ''Control Period'') would be
governed by these regulations.
The present MYT regulations as compared with the previous regulations
have brought in changes in the norms for operation and the financial
norms used for determination of the allowable revenue. The financial
norms for return on equity and rates of depreciation have been revised
upwards and are now in line with the norms prescribed by CERC. Further,
the norm for target availability of generating plants has been revised
upwards to 85%.
12.4.6 Eastern Region Operations
- MYT regulations and ARR for Unit 2 and 3 at Jojobera
The Jharkhand State Electricity Regulatory Commission (JSERC) published
the MYT regulations that will be applicable for determination of
allowable annual revenue by Unit 2 and Unit 3 for the period FY12 to
FY16. The Company has filed a petition with JSERC based on these
regulations and the same is under the scrutiny of JSERC. The revenue
from Unit 2 and Unit 3 (120 MW each) was being governed by the terms of
the PPA signed between Tata Power and Tata Steel. As per the directions
of JSERC, the revenue to be received from Tata Steel from these units
would be as determined by these new MYT regulations.
Capital Cost Approval for 1,050 MW Maithon Power Project
The Company has filed a petition for determination of capital cost and
the tariff therefrom with CERC. The order from CERC is awaited.
12.5 Risk Management
As part of the Risk Management Process (RMP), during the year, the
Company reviewed the various risks and finalized mitigation plans.
These were reviewed periodically by the Risk Management Committee.
Further, seven Risk Management Sub-Committees (RMSCs) closely monitored
and reviewed the risk plans periodically. Employees contribute to the
risk identification process through the web-based Risk Perception
System.
The major risk areas identified by the RMP were covered by the Internal
Audit Plan. Major risks were also discussed at quarterly meetings of
the Audit Committee of Directors.
12.6 Legal Matters
12.6.1 Standby Charges
On an appeal filed by the Company, the Supreme Court has stayed the
operation of the ATE order, subject to the condition that the Company
deposits an amount of Rs. 227 crores and submits a bank guarantee for an
equal amount. The Company has complied with both the conditions. RInfra
has also subsequently filed an appeal before the Supreme Court
challenging the ATE order. Both the appeals have been admitted and are
listed for hearing and final disposal.
12.6.2 Energy Charges and ''Take or Pay'' Obligation
MERC directed RInfra to pay Rs. 323.87 crores to the Company towards the
difference between the rate of Rs. 1.77 per kWh paid and Rs. 2.09 per kWh
payable for the energy drawn at 220 kV interconnection and towards its
''Take or Pay'' obligation for the years 1998 - 1999 and 1999 - 2000. On
an appeal filed by RInfra, the ATE upheld the Company''s contention with
regard to payment for energy charges but reduced the rate of interest.
As per the ATE order, the amount payable works out to Rs. 56.12 crores
(including interest), as on 31st May, 2008. As regards the ''Take or
Pay'' obligation, the ATE has ordered that the issue should be examined
afresh by MERC after the decision of the Supreme Court in the appeals
relating to the distribution licence and rebates given by RInfra. The
Company and RInfra filed appeals in the Supreme Court. Both the appeals
have been admitted and are listed for hearing and final disposal. The
Supreme Court, vide its order dated 14th December, 2009, has granted
stay against the ATE order and has directed RInfra to deposit with the
Supreme Court a sum of Rs. 25 crores and furnish a bank guarantee for the
balance amount. Pursuant to the liberty granted by the Supreme Court,
the Company has withdrawn the above mentioned sum subject to an
undertaking to refund the amount with interest, in the event the appeal
is decided against the Company.
12.6.3 Writ Petition in the Bombay High Court
The Company had filed a Writ Petition in the Bombay High Court
challenging the Memorandum and Report of the GoM dated 7th May, 2010
inter alia directing the Company to supply 360 MW power to RInfra upto
30th June, 2010 and thereafter, 200 MW upto 31st March, 2011.
By an Order dated 18th January, 2011, the Bombay High Court has held
that the Memorandum issued by the State Government on 7th May, 2010,
was ultra vires and has quashed and set aside the same.
13. FOREIGN EXCHANGE EARNINGS / OUTGO
The foreign exchange earnings of the Company during the year under
review amounted to Rs. 117.76 crores (previous year Rs. 57.68 crores),
mainly on account of forex interest, etc. The foreign exchange outflow
during the year was Rs. 1,241.25 crores (previous year Rs. 1,587.56
crores), mainly on account of fuel purchase of Rs. 1,016.83 crores
(previous year Rs. 1,254.97 crores), repayment of foreign currency loans
with interest thereon, NRI dividends and Foreign Currency Convertible
Bonds (FCCB) interest of Rs. 57.19 crores (previous year Rs. 69.41 crores)
and purchase of capital equipment, components and spares and other
miscellaneous expenses of Rs. 173.85 crores (previous year Rs. 270.72
crores).
14. DISCLOSUREOFPARTICULARS
Particulars required by the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988 are given in the prescribed
format as Annexure I to the Directors'' Report.
Particulars of Employees: In terms of the provisions of Section 217
(2A) of the Companies Act, 1956 (the Act), read with the Companies
(Particulars of Employees) Rules, 1975, the names and other particulars
of employees are set out in the Annexure to the Directors'' Report.
However, having regard to the provisions of Section 219 (1)(b)(iv) of
the Act, the Annual Report is being sent to all Members of the Company
excluding the aforesaid information. Any Member interested in obtaining
such particulars may write to the Company Secretary at the Registered
Office of the Company.
15. SUBSIDIARIES
Vide General Circular No.: 2/2011 dated 8th February, 2011, the
Ministry of Corporate Affairs, GoI has granted a general exemption to
companies from attaching the Balance Sheet, Profit and Loss Account and
other documents referred to in Section 212 (1) of the Act in respect of
its subsidiary companies, subject to fulfillment of the conditions
mentioned therein. Accordingly, the said documents are not being
attached with the Balance Sheet of the Company. A gist of the financial
performance of the subsidiary companies is contained in the report. The
Annual Accounts of the subsidiary companies are open for inspection by
any Member / Investor and the Company will make available these
documents / details upon request by any Member of the Company or to any
investor of its subsidiary companies who may be interested in obtaining
the same. Further, the Annual Accounts of the subsidiary companies
will be kept open for inspection by any investor at the Company''s Head
Office and that of the subsidiary company concerned and would be posted
on the website of the Company.
16. DIRECTORS
Mr P R Menon, Managing Director, retired on 31st January, 2011. The
Board has placed on record its appreciation of the valuable
contribution made to the Company by Mr Menon.
Mr Anil Sardana was appointed as an Additional Director with effect
from 1st February, 2011, in accordance with Article 132 of the Articles
of Association of the Company and Section 260 of the Act. Mr Sardana
holds office only upto the date of the forthcoming Annual General
Meeting (AGM) and a Notice under Section 257 of the Act has been
received from a Member signifying his intention to propose Mr Sardana''s
appointment as a Director. The Board also appointed Mr Sardana as the
Managing Director effective the same date. His appointment and the
remuneration payable to him require the approval of the Members at the
ensuing AGM.
In accordance with the requirements of the Act and the Articles of
Association of the Company, Mr D M Satwalekar, Dr R H Patil and Mr P G
Mankad retire by rotation and are eligible for re-appointment.
17. AUDITORS
Messrs Deloitte Haskins & Sells (DHS), who are the Statutory Auditors
of the Company, hold office until the conclusion of the ensuing AGM. It
is proposed to re-appoint DHS to examine and audit the accounts of the
Company for FY12. DHS has, under Section 224 (1) of the Act, furnished
a certificate of its eligibility for re-appointment. The Members will
be requested, as usual, to appoint Auditors and to authorize the Board
of Directors to fix their remuneration. In this connection, the
attention of the Members is invited to Item No. 6 of the Notice.
Members will also be requested to pass a resolution (vide Item No.14 of
the Notice) authorising the Board of Directors to appoint Auditors /
Branch Auditors / Accountants for the purpose of auditing the accounts
maintained at the Branch Offices of the Company, in India and abroad.
In accordance with the requirement of the Central Government and
pursuant to Section 233B of the Act, the Company carries out an audit
of cost accounts relating to electricity every year. Subject to the
approval of the Central Government, the Company has appointed N I Mehta
& Co. to audit the cost accounts relating to electricity for FY12.
18. AUDITORS'' REPORT
The Notes forming part of the Accounts referred to in Auditors'' Report
of the Company are self-explanatory and, therefore, do not call for any
further explanation under Section 217 (3) of the Act.
The consolidated financial statements of the Company have been prepared
in accordance with Accounting Standard 21 on Consolidated Financial
Statements, Accounting Standard 23 on Accounting of Investments in
Associates and Accounting Standard 27 on Financial Reporting of
Interest in Joint Ventures, issued by the Council of the Institute of
Chartered Accountants of India.
19. CORPORATE GOVERNANCE
To comply with conditions of Corporate Governance, pursuant to Clause
49 of the Listing Agreements with the Stock Exchanges, a Management
Discussion and Analysis Statement, Report on Corporate Governance and
Auditors'' Certificate, are included in the Annual Report.
20. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Act, the Directors, based on the
representations received from the Operating Management, confirm that :
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed and that there are no material departures
therefrom;
ii) they have, in the selection of the accounting policies, consulted
the Statutory Auditors and have applied them consistently and made
judgements and estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company at the end
of the financial year and of the profit of the Company for that period;
iii) they have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Act, for safeguarding
the assets of the Company and for preventing and detecting fraud and
other irregularities;
iv) they have prepared the annual accounts on a going concern basis.
21. ACKNOWLEDGEMENTS
On behalf of the Directors of the Company, I would like to place on
record our deep appreciation to our Shareholders, Customers, Business
Partners, Vendors, both international and domestic, Bankers, Financial
Institutions and Academic Institutions.
The Directors are thankful to the Government of India and the various
Ministries, the State Governments and the various Ministries, the
Central and State Electricity Regulatory authorities, Corporation and
Municipal authorities of Mumbai and other cities where we are
operational.
Finally, we appreciate and value the contributions made by all our
employees and their families for making Tata Power what it is.
On behalf of the Board of Directors,
R N Tata
Chairman
Mumbai, 19th May, 2011
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| Source : Dion Global Solutions Limited | |
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