Trading Statement

RNS Number : 2946K

OPG Power Ventures plc

29 July 2013

 



29 July 2013

OPG Power Ventures plc

("OPG" or the "Company")

Trading update for the three months ended 30 June 2013

OPG, the developer and operator of power stations in India, is pleased to present the following trading update for the three months ended 30 June 2013.

Operational Highlights

·   80 MW Chennai III commissioned in June 2013, ahead of schedule, stabilised in 7 days and ramped up to 69% PLF ;

·   42% increase in operating capacity to 270 MW from 190 MW;

·   Q1 FY14 generation of 363 million units  up 7% from Q4 FY13 (Q1 FY13: 123 million units);

·   Agreed sales contract with Tamil Nadu State utility at Rs 5.50/kWh until May 2014 for 140 MW from Chennai I and II; and until September 2013 for a further 74 MW Chennai III ; and

·   Extended coal contract for c.40% of total imported coal requirements.

Project Highlights

·   160 MW Chennai IV  - c. 65% of civil works foundation completed; boiler and chimney construction c.20% complete; project on track for commissioning in H2 calendar year 2014; and

·   300 MW Gujarat c. 85% civil works and foundation completed and boiler and chimney construction c. 60% completed; project on schedule for commissioning in H2 calendar year 2014.

Particulars	Q1 FY14 Current Quarter	Q4 FY13 Immediately Preceding Quarter	Q1 FY13 Comparable Quarter	% Change Comparable Quarter	FY13
Generation (million units)
Chennai I	167	169	123*	37%	617*
Chennai II	163	163	NA		315
Chennai III	33	NA	NA
Total	363	338	123	197%	932
PLF (%)
Chennai I	99	102	73		92
Chennai II	97	102	NA		99
Chennai III	69	NA	NA
Average PLF (%)	95	102	73
Tariff (Rs/kWh)	5.65	5.59	5.68	-1%	5.58

* 25 day shutdown taken in June 2012 for planned maintenance and connection of Chennai II to common facilities.

Projects

Following on from the Company's trading update on 29 May 2013, provided below is a quantified assessment of the progress of the Company's current and most significant projects.  This is based purely on management's experience and not verified by any third party and is presented by reference to each of four key stages in a typical project in development.  It is a management estimate at the date of this statement only and does not purport to quantify the risk of any project not commissioning. 

Project stage	Financing	Civil Works and Foundations	Chimney and Boiler related construction	Testing and Commissioning
Chennai IV	100%	65%	20%	-
Gujarat	100%	85%	60%	-

About OPG

OPG is operating and developing power projects in India under the group captive model with 270 MW in operations and a further 472 MW under development.  In the year ended 31^st March 2013, Group revenues were £56m, EBITDA was £17.7m and profit before tax was £10.5m.

For further information, please visit www.opgpower.com or contact:

OPG Power Ventures PLC	[phone]
Arvind Gupta
V Narayan Swami Ajay Paliwal
Cenkos Securities (Nominated Adviser & Broker)
Stephen Keys / Camilla Hume	[phone]
Tavistock Communications
Simon Hudson	[phone]

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