NTPC to offer stakes to gas suppliers

NTPC Ltd. | Power Generation/Distribution | Power | BSE: 532555 | NSE: NTPC

27 Aug 2010 Evaluate

NTPC will offer gas producers stakes in its power projects to ensure long-term fuel supply, a clear departure from its earlier strategy of buying equity in gas assets abroad. The company has offered up to 20% equity to Qatar Petroleum in its gas-based projects at Kayamkulam in Kerala and Ratnagiri Gas and Power in Maharashtra.

NTPC had a few rounds of discussions with government of Qatar and expects to reach some agreement very soon. The model, if successful, will be replicated for other existing and proposed gas-based power projects. Secured fuel supply will help NTPC expand the capacity of these power plants. In the case of coal assets also, NTPC has decided to invite bids from companies interested in picking up stake, instead of searching overseas through merchant bankers.

Under the proposed deal, NTPC will spin off Kayamkulam power project into a special purpose vehicle and offer equity to Qatar Petroleum. While the equity participation from Qatar at the 10-20% level, in the case of Kayamkulam project it could be raised to 40%, depending on the interest shown by the government-owned company from Qatar.

Petronet LNG supplies gas to the 350 MW Kayamkulam project. NTPC wants to scale up the plant to 2,300 MW, but has not been able to proceed in the absence of fuel supply agreements. It also plans to expand the Ratnagiri plant by another 2000 MW. Currently it produces about 1940 MW of power.

NTPC has indicated an initial gas requirement of 30 mmscmd for all the proposed new projects that includes expansion projects of 1000 MW each at Badarpur, Auraiya, Faridabad and Dadri and a proposed 2000 MW expansion of RGPPL. The company generates about 4,000 MW of electricity from its seven gas-based plants, apart from 1,940 MW generated at Ratanagiri plant, a joint venture with GAIL and the Maharashtra State Electricity Board. The company requires 17 mmscmd of gas, which is expected to rise rapidly with an increase in gas-based power capacity to over 10,000 MW in the next five years.crack crack

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