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LONDON (Alliance News) - Power generation plant operator OPG Power Ventures Monday said it expects to its full-year results to meet market expectations, as it generated 518 million units of electricity in the third quarter 2014 compared with 301 million units during the same period a year earlier.
Overall, the firm said it generated 8% more electricity in the third quarter than in the second quarter of 2014, generating a total of 1360 million units in the nine months ended December 31 2013 compared with 594 million units a year earlier.
OPG said underlying third quarter revenue amounted to INR2.67 billion.
In a trading update for the three months to December 31 2013, the company which develops power projects in India, said it entered into a 15-year long variable tariff arrangement with TANGEDCO for C3, providing foreign exchange protection on imported coal.
TANGEDCO is an electrical power generation and distribution public sector undertaking that is owned by the Government of Tamil Nadu.
The firm said also its Chennai and Gujarat power plants are also progressing well, with the latter currently on budget and on track for commissioning by September.
The stock was trading down 2.4% at 78.85 pence per share.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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