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Torrent Power, Lanco named as lowest bidders in gas-fired power auction

26 Mar 2024 , 03:16 PM

India's Torrent Power and Lanco Group were among the lowest bidders in an auction for natural gas-fired power during periods of particularly high electrical demand.

India relies on coal to generate around three-quarters of its electricity, and coal power is often significantly cheaper than gas-fired power plants. Over half of the country's approximately 25 gigawatts (GW) of gas-fired capacity is not operational.

However, worries of power shortages during Prime Minister Narendra Modi's election campaign this year have prompted the world's fifth-largest economy to switch to gas-fired electricity.

The Central power Authority predicts that India's daily power demand would reach a record 256.5 gigawatts (GW) in September 2024, up from 243 GW in September last year.

A subsidiary of state-run generator NTPC Ltd filed a contract in January for 4,000 megawatts (MW) of gas-fired electricity, but only 1,307 MW were bid on, according to a document from the company's power trading affiliate, NTPC Vidyut Vyapar Nigam (NVVM).

According to the document, Torrent Power's DGEN Power plant in the western state of Gujarat proposed to deliver 770 MW of power for 5.63 rupees ($0.0679) per kilowatt-hour (kWh) on Tuesday, while Lanco's gas-fired facility offered to supply 355 MW at 7.02 rupees per kWh.

Two smaller facilities in the northern state of Uttarakhand promised to deliver a total of 182 MW for an average of more than 7 rupees per kilowatt hour. The firms placed the lowest bids in an online auction, but the contracts are yet to be awarded.

At around 10.09 AM, Torrent Power was trading 0.80% higher at ₹1,133.75 per piece, against the previous close of ₹1,124.70 on NSE. The counter rose to an intraday high of ₹1,146.30.

For feedback and suggestions, write to us at editorial@iifl.com


Related Tags

  • Lanco
  • Torrent Power
  • Torrent Power Bid
  • Torrent Power News
  • Torrent Power Updates
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