Investment Summary .............................................................................. 3
Industry Dynamics ................................................................................. 4
New CERC tariff norms and other regulatory changes ........................... 7
Regulatory developments allow higher ROE/EIRR ................................. 9
Operational and Execution hurdles.......................................................... 15
Risk of payment delays has increased ............................................ 15
Equipment shortages should ease out ............................................ 19
Coal shortages to intensify ............................................................... 19
Funding Scenario ............................................................................. 20
Land can emerge as a big roadblock ............................................... 21
Valuations and View................................................................................. 23
Companies
NTPC Ltd. ................................................................................................ 24
Power Grid Corporation of India Ltd. ....................................................... 28
Tata Power Company Ltd. ....................................................................... 31
Annexures .................................................................................................. 35