Proactiveinvestors United Kingdom OPG Power Ventures PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom OPG Power Ventures PLC RSS feed en Mon, 27 May 2019 15:15:58 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - OPG Power shares up as it hedges price of 60% of coal requirement ]]> https://www.proactiveinvestors.co.uk/companies/news/220669/opg-power-shares-up-as-it-hedges-price-of-60-of-coal-requirement-220669.html OPG Power Ventures PLC (LON:OPG) shares rose on Tuesday as the firm revealed it has hedged 60% of its coal requirements for this year against future adverse price movements.

The India based company operates a coal-fired power plant at Chennai,Tamil Nadu and the hedge covers approximately one million tonnes of coal between June 2019 and March 2020.

Imported coal is one of the main raw materials for the Chennai plant and OPG was badly caught out in 2017 and early 2018 when the price of seaborne coal rocketed.

Prices have eased recently and OPG said that with the hedge it now has greater visibility on the financial numbers for 2020.

These are in line with expectations, added the AIM-listed group.

In afternoon trading, shares in OPG Power Ventures were 4.8% higher at 19.25p.

 -- Adds share price --

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Tue, 21 May 2019 08:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220669/opg-power-shares-up-as-it-hedges-price-of-60-of-coal-requirement-220669.html
<![CDATA[RNS press release - Fixed price coal purchase agreement for 1m tonnes ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190521070002_14080879/ Tue, 21 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190521070002_14080879/ <![CDATA[News - OPG Power keeps profits in line as coal prices soften ]]> https://www.proactiveinvestors.co.uk/companies/news/219256/opg-power-keeps-profits-in-line-as-coal-prices-soften-219256.html OPG Power Ventures PLC (LON:OPG) has reported that full-year profits are likely to be in line with market expectations as the India-focused power generation group expects coal prices to move further in its favour.

Following the recent softening in the price of seaborne coal after a spike in the first seven months of its financial year, the company pointed to independent forecasts that suggest prices will continue to weaken in 2019 and beyond. Directors said they are “cautiously optimistic that the lower coal prices will provide some additional benefits for the group” in the new financial year.

OPG has begun hedging coal costs for the new year and has forward-booked its freight requirements until end-June. Purchasing swaps on the Chicago Mercantile Exchange, the company has agreed to buy 30,000 tonnes of coal at a price US$39 per tonne, with delivery from July 2019 to September 2019.

With these agreements in place, the company said it “now has greater visibility on its future financial performance”, while also buoyed by forecasts that the India is expected to be one of the fastest growing major economies this year, resulting in higher demand for electricity.

For the 12 months to 31 March, OPG’s 414Mw coal-fired power station at Chennai generated a total of 2.71bn units (Kwh) in the year to 31 March, which compared to 2.77bn the previous year after one four units was temporarily shut down for most of the fourth quarter for repair. Total generation in the first nine months had been up 4.5%.

The plant load factor at Chennai was 75% over the 12 months, compared with 77% the year before.

Average tariffs were up 10% to 5.41 rupees as a result of tariff increases during the year, while for the whole year the average landed coal price was little moved year-on year at £49.30 per tonne versus £49.40.

OPG’s 62Mw solar power project in Karnataka, north of Bangalore, was commissioned during the year and achieved a capacity utilisation factor of 17%.

All in all, executive chairman Arvind Gupta, felt it was a “continued strong operational performance” that would filter though to profits in line with expectations for the past year, while the new financial year is expected to benefit from “robust tariffs” and lower coal prices.

Repaying £20.6mln of term loans during the year, the balance of these loans closed the year at £69.9mln.

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Mon, 29 Apr 2019 09:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219256/opg-power-keeps-profits-in-line-as-coal-prices-soften-219256.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190429070019_14054575/ Mon, 29 Apr 2019 07:00:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190429070019_14054575/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190311090607_13997063/ Mon, 11 Mar 2019 09:06:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190311090607_13997063/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190311090043_13997056/ Mon, 11 Mar 2019 09:00:43 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190311090043_13997056/ <![CDATA[News - OPG Power Ventures on course to meet full-year expectations ]]> https://www.proactiveinvestors.co.uk/companies/news/216156/opg-power-ventures-on-course-to-meet-full-year-expectations-216156.html Indian power generator OPG Power Ventures PLC (LON:OPG) expects to meet market expectations in the current fiscal year to the end of March.

The company reported “another strong operational performance” by the group's Chennai plant in the nine months to the end of 2018.

READ: OPG Power expects a boost as coal price dips

Total generation in the reporting period, expressed in millions of units (or kilowatt hours of equivalent power), rose 4.5% to 2,145 from 2,053 in the corresponding nine-month period of 2017.

The plant load factor at Chennai was 79%.

The group said the increase in generation was primarily due to higher plant availability and increased demand by industrial customers as a result of which fiscal 2019 underlying earnings (EBITDA), profit before tax and profit after tax are expected to be within market expectations for the full year.

The average tariff was 5.33 rupees (Rs) following a 7% hike to Rs5.58 in October for what OPG calls captive consumers.

While the tariff charged by OPG headed higher, coal prices reduced by 4% from the end of September to the third week of February.

At the end of 2018 borrowings stood at £87.5mln (Rs7.75 billion), including term loans of £76 million (Rs6.74 billion) and working capital loans of £11.5 million (Rs1.01 billion).

Gross debt is higher than previously projected on account of an increase in working capital loans that were used primarily to repay trade payables and purchase coal inventory plus the foreign exchange impact the rupee weakening against sterling.

The trend in debt should start reversing when Chennai IV recommences production (expected by mid-March). After scheduled repayments, term loans are expected to reduce to £69.1 million (Rs6.32 billion) at 31 March 2019, assuming a 91.5 INR/GBP exchange rate, as projected.

The board is confident that Unit IV of the Chennai plant will shortly return to normal operations and will provide strong operational performance.

The Indian economy is expected to be the fastest growing major economy resulting in high GDP growth and higher demand for electricity, OPG declared; as a result, looking forward to fiscal 2020, the company is expected to benefit from robust tariffs and the projected level of coal prices.

Term loans will continue to be repaid in accordance with their repayment schedule and the company expects to maintain its long term profitability and sustainable business model.

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Mon, 11 Mar 2019 07:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216156/opg-power-ventures-on-course-to-meet-full-year-expectations-216156.html
<![CDATA[RNS press release - Re-start of operations of Chennai Unit IV (180 MW) ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190311070007_13996437/ Mon, 11 Mar 2019 07:00:07 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190311070007_13996437/ <![CDATA[News - OPG Power to push on again as coal price pressure eases ]]> https://www.proactiveinvestors.co.uk/companies/news/215530/opg-power-to-push-on-again-as-coal-price-pressure-eases-215530.html  

OPG owns a 414Mw capacity coal-fired power station at Chennai, Tamil Nadu There is also a 62Mw solar power development north of Bangalore in Karnataka Production in nine months to December rose by 4.5% to 2.15bn units (Kwh) Seaborne coal prices have eased since September Tariffs rose by 7% in October

 

How is it doing

India-focused OPG Power Ventures PLC (LON:OPG) has re-grouped following major disruption from a spike in the price of seaborne coal.

At the half year, the ongoing business saw a £6.5mln profit from £2.1mln, helped by improved tariff prices and market coal prices.

Revenue totalled £77.9mln, up from £66.5mln.

In February, the group reported it would meet profit targets this year (March 2019) even though the largest of the four units at Chennai had temporarily shut down as a by-pass valve at the generator took longer than expected to repair.

Underlying profit [EBITDA] this year to March is expected to be around £34mln (after £14.4mln in the first half) and £40mln in 2020.

Coal prices, the plant’s primary feedstock, rose by 2% over the nine months to December but since September have seen a 4% decline.

Total debt at the period end was £87.5mln including term loans of £76mln.

OPG paid back the loan on the first generator at Chennai in December and is on course to repay the term loans on schedule.

“Looking forward to FY20, the company is expected to benefit from robust tariffs and the projected level of coal prices,” said the statement.

 

What the boss says: Dmitri Tsvetkov, CFO

"In five years time, the Chennai plant will be paid off and generating underlying profits of £40mln per year for the next 30-35 years."

  Video

 

 

Inflexion points

Chennai IV restart

Further deleveraging – term loans are expected to reduce to £69.1mln by 31 March

Return to cash dividend compared to scrip currently

 

Blue Sky

Indian economy is expected to be the fastest growing major economy resulting in high GDP growth and higher demand for electricity.

GDP is set to grow 7.5% in 2019 yet consumption of electricity in India is low by western standards at 1,075 Kwh per person.

Power demand is forecast by OPG to grow 6-7% annually over next five years

Coal prices have reduced by 4% from the end of September 2018 to the third week of February 2019.

Expansion of solar capability

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Thu, 28 Feb 2019 11:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215530/opg-power-to-push-on-again-as-coal-price-pressure-eases-215530.html
<![CDATA[News - OPG Power expects a boost as coal price dips ]]> https://www.proactiveinvestors.co.uk/companies/news/215511/opg-power-expects-a-boost-as-coal-price-dips-215511.html OPG Power Ventures PLC (LON:OPG) expects to meet profit targets this year even though the largest of the four units at its Chennai power station has temporarily shut down.

A repair to a by-pass valve at the generator has taken longer than expected, but OPG expects the unit to be back up and running soon.

READ: OPG Power Ventures boasts “strong operational performance”

Total production in the nine months to December rose 4.5%, with the plant running at 79% capacity.

Average prices received rose by 7% following a tariff increase in October.

Coal prices, the plant’s primary feedstock, rose by 2% over the nine months but since September have seen a 4% decline.

Total debt at the period end was £87.5mln including term loans of £76mln.

OPG added it paid back the loan on the first generator at Chennai in December and is on course to repay the term loans on schedule.

“Looking forward to FY20, the company is expected to benefit from robust tariffs and the projected level of coal prices,” said the statement.

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Thu, 28 Feb 2019 09:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215511/opg-power-expects-a-boost-as-coal-price-dips-215511.html
<![CDATA[RNS press release - Trading Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190228070027_13984478/ Thu, 28 Feb 2019 07:00:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190228070027_13984478/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190214174321_13970182/ Thu, 14 Feb 2019 17:43:21 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20190214174321_13970182/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181217103412_13906028/ Mon, 17 Dec 2018 10:34:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181217103412_13906028/ <![CDATA[Media files - OPG Power Ventures fired up and focused on profitable Chennai project ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11403/opg-power-ventures-fired-up-and-focused-on-profitable-chennai-project-11403.html Mon, 03 Dec 2018 08:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11403/opg-power-ventures-fired-up-and-focused-on-profitable-chennai-project-11403.html <![CDATA[News - OPG Power Ventures boasts “strong operational performance” ]]> https://www.proactiveinvestors.co.uk/companies/news/210009/opg-power-ventures-boasts-strong-operational-performance-210009.html OPG Power Ventures Plc (LON:OPG) chairman highlighted the “strong operational performance” for the Chennai plant as the company reported results for the six months to 30 September.

The company noted that it generated 1.55bn units in the half, up 9% from 1.42bn units in the comparative period of last year.

WATCH: OPG Power Ventures fired up and focused on profitable Chennai project

It reported a £6.5mln profit from continuing operations, from £2.1mln, helped by improved tariff prices and market coal prices.

READ: OPG Power shifts focus to Chennai and solar

Revenue totalled £77.9mln, up from £66.5mln, and the company reported earnings (EBITDA) of £14.4mln improved from £13.6mln. Pre-tax profit amounted to £7.3mln, compared to £4.2mln.

"We are pleased to have continued with our strong operational performance and maximised volumes from our Chennai plant,” said Arvind Gupta, OPG chairman.

Healthy operational performance, an increase in tariffs and continued reduction in coal prices keep us optimistic about the prospects for the company in FY19.

All these factors are expected to provide the basis for OPG to demonstrate robust profitability in FY19."

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Tue, 27 Nov 2018 08:39:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210009/opg-power-ventures-boasts-strong-operational-performance-210009.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181127070022_13881077/ Tue, 27 Nov 2018 07:00:22 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181127070022_13881077/ <![CDATA[RNS press release - Result of Scrip Dividend and Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181120154622_13874046/ Tue, 20 Nov 2018 15:46:22 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181120154622_13874046/ <![CDATA[RNS press release - Scrip Dividend Reference Price ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181115070013_13867614/ Thu, 15 Nov 2018 07:00:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181115070013_13867614/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181108153534_13860667/ Thu, 08 Nov 2018 15:35:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181108153534_13860667/ <![CDATA[RNS press release - Timetable for Scrip Dividend Payment ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181030070011_13846748/ Tue, 30 Oct 2018 07:00:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181030070011_13846748/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181023145931_13839510/ Tue, 23 Oct 2018 14:59:31 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181023145931_13839510/ <![CDATA[News - OPG Power shifts focus to Chennai and solar ]]> https://www.proactiveinvestors.co.uk/companies/news/206978/opg-power-shifts-focus-to-chennai-and-solar-206978.html India-based power utility OPG Power Ventures PLC (LON:OPG) has undertaken major surgery after a tough year.

One of its two power stations, Gujarat, has been written off after a series of ongoing disputes over payment and rebates with the provincial government and power distributors meant it missed interest and debt repayment deadlines.

Chennai and solar the future

OPG will not put any more money into Gujarat and its involvement now is effectively at an end.

Efforts in future will be directed toward the Chennai power plant and OPG’s growing solar capacity.

READ: OPG Power draws line under Gujarat power station, to focus on Chennai and solar

Profits here for the year to March were £6.2mln while revenues rose by 3% to £140mln.

The Gujarat write-down, however, meant a loss for the year of £100.9mln (£23.1mln profit).

Another of the recent issues has been a sharp rise in seaborne coal prices, one of the key raw material inputs for OPG’s power stations though encouragingly for Chennai, the price has fallen back recently.

Coal pressure easing

The landed cost of coal rose 32% over the year but has dropped 18% since August and is forecast to fall by a further 20% to March 2020.

Chennai’s output rose 6% in the year March to 2.49 million kWh.

Since the year end, OPG adds it has negotiated a 5% increase in sales tariffs for the 2019 financial year and most of its group captive customers have renewed three-year contracts.

The group expects to achieve at least a 4% increase in sales tariffs in the following year.

In addition, the loan on the first generator built at Chennai is on schedule to be paid back fully in December.

Solar ramp-up

Four solar projects at Karnataka, meanwhile, are ramping up to full capacity of 62Mw.

Borrowings at the end of the March were £93.5mln, down from £321mln, which reflects the absence of the Gujarat loans.

To preserve cash, there was a scrip rather than cash dividend for the year.

Arvind Gupta, executive chairman: “We are already benefitting from reduced coal prices following the FY18 spike and expect to be able to demonstrate a clear path to profitability in FY19.

“Our focus will remain on repaying the long-term debt on the Chennai plants and look forward to Unit 1 being debt free later this year with the remaining units following within five years.”

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Fri, 12 Oct 2018 12:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206978/opg-power-shifts-focus-to-chennai-and-solar-206978.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181003155841_13815476/ Wed, 03 Oct 2018 15:58:41 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181003155841_13815476/ <![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181002162126_13813777/ Tue, 02 Oct 2018 16:21:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181002162126_13813777/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181001123329_13811376/ Mon, 01 Oct 2018 12:33:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20181001123329_13811376/ <![CDATA[RNS press release - Posting of FY2018 Annual report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180928085716_13808618/ Fri, 28 Sep 2018 08:57:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180928085716_13808618/ <![CDATA[News - OPG Power draws line under Gujarat power station, to focus on Chennai and solar ]]> https://www.proactiveinvestors.co.uk/companies/news/205514/opg-power-draws-line-under-gujarat-power-station-to-focus-on-chennai-and-solar-205514.html India-based power utility OPG Ventures PLC (LON:OPG) has written off its Gujarat power station after a series of ongoing disputes.

Efforts in future will be directed toward the Chennai power plant and OPG’s growing solar capacity. Profits here for the year to March were £6.2mln while revenues rose by 3% to £140mln. The Gujarat write-down, however, meant a loss for the year of £100.9mln (£23.1mln profit).

READ: OPG Power Ventures sees record production in 2018 as tariffs improve for 2019

A sharp rise in seaborne coal prices and escalating disputes with the Gujarat authorities and electricity distribution companies meant debt repayment deadlines had been missed. No more cash will be spent on the Gujarat operation, OPG added.

The news at Chennai is more encouraging as the price of seaborne coal has fallen back and the loan on the first generator built at Chennai is on schedule to be paid back fully in December.

Four solar projects at Karnataka, meanwhile, are ramping up to full capacity of 62Mw.

Borrowings at the end of the March were £93.5mln, down from £321mln which reflects the absence of the Gujarat loans.

To preserve cash, there is a scrip rather than cash dividend for the year.

Arvind Gupta, executive chairman: “We are already benefitting from reduced coal prices following the FY18 spike and expect to be able to demonstrate a clear path to profitability in FY19.

“Our focus will remain on repaying the long-term debt on the Chennai plants and look forward to Unit 1 being debt free later this year with the remaining units following within five years.”

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Mon, 24 Sep 2018 08:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205514/opg-power-draws-line-under-gujarat-power-station-to-focus-on-chennai-and-solar-205514.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180924070012_13801073/ Mon, 24 Sep 2018 07:00:12 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180924070012_13801073/ <![CDATA[RNS press release - Consent to Electronic Communication ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180723070007_13726707/ Mon, 23 Jul 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180723070007_13726707/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180613141810_13678483/ Wed, 13 Jun 2018 14:18:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180613141810_13678483/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180613141532_13678481/ Wed, 13 Jun 2018 14:15:32 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180613141532_13678481/ <![CDATA[News - OPG Power Ventures sees record production in 2018 as tariffs improve for 2019 ]]> https://www.proactiveinvestors.co.uk/companies/news/198244/opg-power-ventures-sees-record-production-in-2018-as-tariffs-improve-for-2019-198244.html OPG Power Ventures PLC (LON:OPG) has reported a record production year in 2018 as well as tariff increases for the coming year.

In a trading update, the AIM-listed India-focused power plant developer reported that total generation for the 2018 financial year was up 10% at 4.8bn units compared to 2017, while in the quarter 1.1bn units were generated, up 15% on the same period a year ago.

READ: OPG Power Ventures highlights significant rise in power generation in third quarter

The group also said sales tariffs at its Chennai plant had been increased by 4% for the 2019 financial year.

The firm added that its 62 MW Karnataka solar projects had been commissioned and were expected to contribute to earnings in 2019.

OPG also said that the Gujarat Distribution Companies of the State Electricity Utility ("DISCOMs") was no longer levying cross-subsidies on its customers, with £7mln of dues already recovered by the Group.

Additionally, the firm was undertaking a strategic review of its Gujarat plant following the successful resolution of its captive status with DISCOMs and had sold 5% of its equity interest in OPGS Gujarat.

Arvind Gupta, executive chairman of OPG, said: "This has been a record year of production for OPG, in which we have operated both our plants in line with our full year guidance. Improvements in the tariffs at Chennai for FY19 have provided us with some additional headroom for next year versus the prevailing coal price which, albeit is still high, is lower than recently.

He added: "With the commissioning of 62 MW solar projects in Karnataka, we now have a diversified portfolio of thermal and renewable assets which is strategically important in the modern environment and a key milestone for OPG. Following the resolution of the significant issues to do with recovering historic cross subsidy deductions made by Gujarat DISCOMs, the Board has decided to review its strategic options for the Gujarat plant and remains focused on the Group delivering strong operational and financial performance, to allow the Group to deliver true value to stakeholders."

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Tue, 05 Jun 2018 07:57:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198244/opg-power-ventures-sees-record-production-in-2018-as-tariffs-improve-for-2019-198244.html
<![CDATA[RNS press release - Trading update for Q4, FY18 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180605070006_13666567/ Tue, 05 Jun 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180605070006_13666567/ <![CDATA[RNS press release - Director Resignation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180530070010_13658946/ Wed, 30 May 2018 07:00:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180530070010_13658946/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180319172251_13572642/ Mon, 19 Mar 2018 17:22:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180319172251_13572642/ <![CDATA[News - OPG Power Ventures highlights significant rise in power generation in third quarter ]]> https://www.proactiveinvestors.co.uk/companies/news/193053/opg-power-ventures-highlights-significant-rise-in-power-generation-in-third-quarter-193053.html OPG Power Ventures Plc (LON:OPG) has highlighted a 23% increase in power generation during its third quarter.

The company said that the 1.3bn units in the three month period was its “highest ever” to date, while reporting the production of some 3.7bn units for the cumulative nine month period (representing a 9% improvement from the comparative period of the preceding year).

READ: OPG Power Ventures hails strong operational performance

It also highlighted that some 22 megawatts of solar power generation was commissioned in the quarter, and that it has a further 40 MW in pre-commissioning.

"We continue to pursue our strategy of asset maximisation and delivering responsible growth. In the last quarter we have established a new record for our operational performance, with load factors well above industry averages and we have augmented our renewable projects which are steadily being commissioned as planned,” said Arvind Gupta, OPG executive chairman.

Gupta added: “I am pleased that following the reconfirmation of our group captive status in December 2017, the DISCOMs in Gujarat have finally made no cross-subsidy deductions from our tariffs in February 2018.

“We have persevered and managed our balance sheet with care given the continued delays by the Gujarat state in acting on its confirmation of our group captive status and releasing the amounts due to us.

“We believe our continued focus on operations and responsible growth to be the best strategy for the Company and from FY19 and beyond we expect to benefit from better spreads."

The company told investors that it expects generation to remain strong and cash flows from operating activities will remain resilient, despite a higher cost of coal.

It is expecting 2018 to be a transitional year, though it remains positive about the prospects for the 2019 financial year. 

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Tue, 13 Mar 2018 08:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/193053/opg-power-ventures-highlights-significant-rise-in-power-generation-in-third-quarter-193053.html
<![CDATA[RNS press release - Trading update for Q3 FY18 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180313070001_13564073/ Tue, 13 Mar 2018 07:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180313070001_13564073/ <![CDATA[RNS press release - Nominated Adviser and Broker ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180219070005_13537183/ Mon, 19 Feb 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180219070005_13537183/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180122164058_13505131/ Mon, 22 Jan 2018 16:40:58 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180122164058_13505131/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180122163529_13505122/ Mon, 22 Jan 2018 16:35:29 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180122163529_13505122/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180109172149_13490661/ Tue, 09 Jan 2018 17:21:49 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180109172149_13490661/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180102164035_13482818/ Tue, 02 Jan 2018 16:40:35 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180102164035_13482818/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180102163530_13482803/ Tue, 02 Jan 2018 16:35:30 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20180102163530_13482803/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171222083001_13475686/ Fri, 22 Dec 2017 08:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171222083001_13475686/ <![CDATA[RNS press release - Dividend payment update ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171221134836_13474680/ Thu, 21 Dec 2017 13:48:36 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171221134836_13474680/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171218120155_13469232/ Mon, 18 Dec 2017 12:01:55 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171218120155_13469232/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171213164039_13464592/ Wed, 13 Dec 2017 16:40:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171213164039_13464592/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171213163534_13464586/ Wed, 13 Dec 2017 16:35:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171213163534_13464586/ <![CDATA[News - OPG Power Ventures hails strong operational performance ]]> https://www.proactiveinvestors.co.uk/companies/news/188711/opg-power-ventures-hails-strong-operational-performance-188711.html Interim results from India-focused generator OPG Power Ventures plc (LON:OPG) confirmed what the market had been primed to expect - that a strong operational performance had been offset by higher seaborne coal prices.

It said its designation as a ‘captive’ producer of electricity to the industrial sector in Gujarat ‘reaffirms’ the company’s business model there and should strengthen its cash flow.

READ: OPG Power expects year of realignment after coal price spike

In the same announcement it added that it was making significant progress in the Indian states of Gujarat and Tamil Nadu on receivables and is still hopeful of collecting certain monies it is owed by the end of the current financial year.  

“Healthy operational performance, forecast reduction in coal prices and anticipated tariff increases in Tamil Nadu keep us optimistic about the prospects for the company in full-year 2019,” said Arvind Gupta.

In the six months to September 31, total generation rose to 2.39bn units from 2.37bn in the corresponding period last year. Plant load factor at Chennai and Gujarat were 73% and 81% respectively.

Gearing was 55%, with OPG’s net debt falling £12mln in the period under review.

Dividend 

Investors will receive a 0.72p dividend, with a number taking the payout in shares instead of cash.

Revenues for the six months were flat at around £114mln, giving underlying earnings of £22mln, down from £42.1mln and reflective of that sharp rise in coal prices.

At the pre-tax level, OPG recorded a £2.9mln loss. Chairman Gupta told investors he expects a return to profitability in the next financial year.

Diversifying its portfolio, the company is developing a 62 megawatt solar project in Karnataka, south-western India, which is due to be commissioned in 2018.

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Wed, 13 Dec 2017 07:54:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/188711/opg-power-ventures-hails-strong-operational-performance-188711.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171213070004_13463237/ Wed, 13 Dec 2017 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3988/LSE20171213070004_13463237/