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    ADANIPOWER   INE814H01011

ADANI POWER LIMITED

(ADANIPOWER)
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India pushes back deadline for coal-fired utilities to adopt new emission norms

04/02/2021 | 03:56am EDT

(Corrects to add 'back' in headline)

By Sudarshan Varadhan

CHENNAI (Reuters) - India has pushed back deadlines for coal-fired power plants to adopt new emission norms by up to three years, and allowed utilities that miss the new target to continue operating after paying a penalty, according to a government notice.

India had initially set a 2017 deadline for thermal power plants to install Flue Gas Desulphurization (FGD) units that cut emissions of sulphur dioxides. But that was postponed to varying deadlines for different regions, ending in 2022.

The new order dated April 1 from the environment ministry says plants near populous regions and the capital New Delhi will have to comply by 2022, while utilities in less polluting areas have up to 2025 to comply or retire units.

Operators of coal-fired utilities including state-run NTPC Ltd and industry groups representing private companies such as Reliance Power and Adani Power have long been lobbying for dilution of the pollution standards, citing high compliance costs.

The latest notice follows suggestions from the power ministry that plants be given deadlines to adopt norms in line with the severity of pollution in the region where they are located.

A task force will be constituted by the Central Pollution Control Board to categorise plants in three categories "on the basis of their location to comply with the emission norms", the environment ministry said in its order.

In case of non-compliance, a penalty of up to 0.20 rupees ($0.0027) will be levied for every unit of electricity produced.

The power ministry said in January that a "graded action plan" could help avoid immediate increase in power prices in various relatively clean areas of India and avoid unnecessary burden on power utilities and consumers.

Indian cities have some of the world's most polluted air.

Thermal power companies, which produce three-fourths of the country's electricity, account for some 80% of its industrial emissions of particulate matter, sulphur- and nitrous-oxides, which cause lung diseases, acid rain and smog.

(This story adds 'back' in headline)

(Reporting by Sudarshan Varadhan; Editing by Himani Sarkar)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADANI POWER LIMITED 1.10% 91.75 Delayed Quote.82.23%
GMR INFRASTRUCTURE LIMITED -0.21% 23.95 Delayed Quote.-9.43%
NTPC LTD 1.09% 102.45 Delayed Quote.2.01%
RELIANCE POWER LIMITED 6.12% 4.68 End-of-day quote.38.05%
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Financials
Sales 2021 286 B 3 837 M 3 837 M
Net income 2021 15 069 M 202 M 202 M
Net Debt 2021 458 B 6 153 M 6 153 M
P/E ratio 2021 54,0x
Yield 2021 -
Capitalization 354 B 4 749 M 4 751 M
EV / Sales 2021 2,84x
EV / Sales 2022 2,89x
Nbr of Employees 2 980
Free-Float 24,5%
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Mean consensus SELL
Number of Analysts 3
Average target price 42,00 INR
Last Close Price 91,75 INR
Spread / Highest target -44,4%
Spread / Average Target -54,2%
Spread / Lowest Target -64,0%
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Vneet S. Jaain Chief Executive Officer
Anil Kumar Sardana Managing Director
Shailesh Sawa Chief Financial Officer
Gautambhai Shantilal Adani Chairman
Deepak S. Pandya Secretary & Compliance Officer
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