Assessment of Business Strategies of Trading Licensees in short term power market

1. GREAT LAKES INSTITUTE OF MANAGEMENT
INTERNSHIP AT
PTC India Ltd
BY
ARUN KUMAR
MANU VASHISTH

2. Assessment of Business Strategies of Trading Licensees
in short term power market
• Analysis of Over All short term Market
• Structure of Short Term Market
• Electricity Act 2003 Over view
• Analysis of Short Term transaction in Bilateral & Power
Exchanges
• Analysis of Prices in Bilateral Trading and Power Exchanges
• Analysis of Market Share of Different Traders
• Analysis of Bilateral Transaction and Power Exchange and
Power Banking by different Traders.
• Future Potential of PTC INDIA LTD

3. OVER VIEW OF POWER MARKET
Sector
THERMAL Nuclear Renewable (MW)
Total (MW)
Coal Gas Diesel
Sub-Total (MW)
Hydel
Other Sub-Total
Thermal
Renewabl
e
Renewabl
e
Central 48,880.00 7,519.73 - 56,399.73 5,780.00 11,491.42 - 11,491.42 73,671.15
State 59,200.50 6,974.42 438.6 66,613.49 - 27,482.00 1,919.31 29,401.31 96,014.80
Private 59,627.38 8,468.00 555 68,650.34 - 3,024.00 34,551.33 37,575.33 1,06,225.67
All India 1,67,707.88 22,962.15 993.5 1,91,663.56 5,780.00 41,997.42 36,470.64 78,468.06 2,75,911.62
Source CEA as on 31st July 2016
191,663.56
5,780.00
41,997.42
36,470.64
IN MW
Thermal
Nuclear
Hydel
Renewable
73,671.15
96,014.80
106,225.67
IN MW
Central
State
Private

4. POWER SUPPLY POSITION IN INDIA
Energy Peak
Requirement Availability Deficits(-) Peak Demand Peak Met Deficits(-)
Year MU MU MU MU MU MU
2009-10 8,30,594 7,46,644 83,950 1,19,166 1,04,009 15,157
2010-11 8,61,591 7,88,355 73,236 1,22,287 1,10,256 12,031
2011-12 9,37,199 8,57,886 79,313 1,30,006 1,16,191 13,815
2012-13 9,98,114 9,11,209 86,905 1,35,453 1,23,294 12,159
2013-14 10,02,045 9,59,614 42,431 1,35,918 1,29,815 6,103
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2009-10 2010-11 2011-12 2012-13 2013-14
ENERGY DEFICIT ENERGY…
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2009-10 2010-11 2011-12 2012-13 2013-14
PEAK DEFICIT PEAK DEFICIT
Source CEA as on 31st July 2014

5. STRUCTURE OF INDIAN POWER MARKET
Concurrent Policy Making Central Government 29 State Governments
Central Electricity
Regulatory Commission
State Electricity Regulatory
Commissions
Regulations
National Load
Dispatch Center
5 Regional Load
Dispatch Centers
29 State Load
Dispatch CentersSystem Operators
Central Generating
Stations
State Generating
StationsGeneration IPPs
Central Transmission
Utility
State Transmission
UtilitiesTransmission IPTC
State Distribution
CompaniesDistribution Private Distribution Companies*
Power Exchanges Bilateral MarketsMarkets

6. Indian Power Market
Short TermMedium
Term
Long Term
Deviation
Settlement
Mechanism
Power
ExchangesBilateral
Case-1
(DBFOO)
Case-2
(DBFOT)
bids
bids
From two
hours ahead
up to 3
month
advance
Day Ahead
Term Ahead
Real Time
INDIAN POWER MARKET -DESIGN

7. Nature of Contract Duration of Contract Transmission Open access
availability
Long Term > 7 years and up to 25 years Long term open access is
available for a period of 12
years to 25 years
Medium Term > 1 years and up to 7 years Medium term open access is
available for a period of 3
months to 3 years
Short Term
Short Term – Bilateral Up to 1 year For a period of up to 3
months
Short Term – Power Exchange Day Ahead Market (1 day) 1 day (corridor left after
short term bilateral)
Term Ahead Market ( up to Up to 10 days in advance
10 days)
INDIAN POWER MARKET -DESIGN

8. 2(71), EA 2(26),12 &13.
Prior to EA 2003 Post EA 2003
Electricity Sector govern by The Indian Electricity
Act 1910 & The Electricity (Supply) Act 1948
SEBs vertically integrated i.e., responsible for
Generation, Transmission and Distribution
Growing power need and continuous shortage –
surplus situations faced in different part of country
Though Generation was licensed but opened for
private players to bring investment in the sector
1991: Generation Sector was opened for private
players to bring investment in the sector.
1996: Orissa model of unbundling and setting up of
regulatory commission of Orissa Reforms.
1998: Regulatory Commissions Act was enacted
1999: Distribution business in Orissa was completely
privatized.
Electricity Sector govern by
Electricity Act 2003
Trading Recognized as a
distinct licensed activity
Unbundling of SEBs into
Generation, Transmission
and distribution
Sections about Electricity
Trading in EA 2003- Section
Bring competition in the
market and benefit the end
consumer
De-licensing of Generation
ELECTRICITY ACT 2003: PARADIGM SHIFT IN SECTOR

9. KEY MILESTONES OF INDIAN ELECTRICITY TRADING
MARKET
• 1999 : PTC India Ltd incorporated with a view to develop a financially viable trading market in
India.
• 2003: Electricity Act defines power trading and sets a way for
disintegration of the sector
• 2008: CERC awards license power trading exchange: PXIL and IEX.
• 2009: CERC comes of with procedures terms and conditions for grant of trading licenses.
• 2010: CERC notifies the fixation of Trading margin regulation.
• 2011: Open access transaction pick up – where industrial consumers procure power trough Power
Exchange.
• 2013: National Grid Integration reduced in power exchange
• 2015: NEW CASE I guidelines disallow Power trades from bidding in
forthcoming Long-term CASE II bids.

10. OVER VIEW OF SHORT TERM
MARKET IN INDIA

11. Year
Total Volume of
short term
transaction of
electricity (IN
BU)
Total Electricity
generation
(IN BU)
Total volume of
Short-term
transaction in
% of Total
Generation
2009-10 65.9 764.03 9%
2010-11 81.56 809.45 10%
2011-12 94.51 874.17 11%
2012-13 98.94 907.49 11%
2013-14 104.64 962.9 11%
2014-15 98.99 1045.09 9%
YTD JAN-16 98.23 910.50 10.7%
SHORT TERM TRADE VS TOTAL GENERATION
65.9 81.56 94.51 98.94 104.64 98.99 99
764.03
809.45
874.17 907.49
962.9
1045.09
910
9%
10%
11% 11% 11%
9%
11%
0%
2%
4%
6%
8%
10%
12%
0
200
400
600
800
1000
1200
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 YTD JAN-16
Total Volume of short
term transaction of
electricity (IN BU)
Total Electricity
generation(BU)
Total volume of Short-
term transaction in % of
Total Generation
Source CERC Annual report 2014-15
 Short term traded volume as % of
power generated has grown to
11%.
 Primarily due to improving
transmission connectivity and
capacity augmentation over years.
 Increasing participation of private
sectors including IPP’s in the
industry will further encourage its
growth.

12. Year
Electricity
transacted
through Traders
(IN BU)
Electricity
Transacted
through IEX and
PXIL(INBU)
Total
2008-09 21.92 2.77 24.69
2009-10 26.72 7.19 33.91
2010-11 27.7 15.52 43.22
2011-12 35.84 15.54 51.38
2012-13 36.12 23.54 59.66
2013-14 35.11 30.67 65.78
2014-15 34.56 29.4 63.96
Source CERC Annual report 2014-15
21.92
26.72 27.7
35.84 36.12 35.11 34.56
2.77
7.19
15.52 15.54
23.54
30.67 29.4
0
10
20
30
40
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Electricity transacted through Traders (IN BU)
Electricity Transacted through IEX and PXIL
 Electricity transacted through
exchanges increased from 2.77 BU in
2008-09 to 29.4 BU in 2014-15.
 Signifies that transaction through
exchange has increased significantly.
 Prices through traders and through
exchanges have decreased significantly
from around rs. 7 to approx rs. 3.5
POWER TRADED AT EXCHANGE VS BILATERAL TRADES

13. PRICE AT EXCHANGE VS BILATERAL TRADES
Year
Price of Electricity
Transacted trough
traders (Rs/KWH)
Price of Electricity
transacted trough
Power Exchange
(Rs/KWH)
2008-09 7.29 7.49
2009-10 5.26 4.96
2010-11 4.79 3.47
2011-12 4.18 3.57
2012-13 4.33 3.67
2013-14 4.29 2.9
2014-15 4.28 3.5
7.29
5.26
4.79
4.18 4.33 4.29 4.28
7.49
4.96
3.47 3.57 3.67
2.9
3.5
0
1
2
3
4
5
6
7
8
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Price of Electricity Transacted trough traders
(/KWH)
Price of Electricity transacted trough Power
Exchange (/KWH)
Source CERC Annual report 2014-15
 Due to increase in supply at the
exchange lead to decrease in cost of
power at exchange.
 More Discoms and Industrial
consumers tend to buy short term
requirement of power at Exchange.
 The price at exchange likely to go
down with out affecting the price of
Bilateral trades.

14. Year Electricity transacted through Traders(IN BU)
Price of Electricity Transacted trough
traders (Rs/KWH)
2008-09 21.92 7.29
2009-10 26.72 5.26
2010-11 27.7 4.79
2011-12 35.84 4.18
2012-13 36.12 4.33
2013-14 35.11 4.29
2014-15 34.56 4.28
BILATERAL TRADES VS PRICE
21.92
26.72 27.7
35.84 36.12 35.11 34.567.29
5.26
4.79
4.18 4.33 4.29 4.28
0
1
2
3
4
5
6
7
8
0
5
10
15
20
25
30
35
40
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Electricity transacted through Traders (IN BU)
Price of Electricity Transacted trough traders (/KWH)
Source CERC Annual report 2014-15

15. Year Electricity Transacted through IEX and PXIL(INBU)
Price of Electricity transacted trough Power
Exchange (Rs/KWH)
2008-09 2.77 7.49
2009-10 7.19 4.96
2010-11 15.52 3.47
2011-12 15.54 3.57
2012-13 23.54 3.67
2013-14 30.67 2.9
2014-15 29.4 3.5
TRADE AT EXCHANGE VS PRICE
2.77
7.19
15.52 15.54
23.54
30.67
29.4
7.49
4.96
3.47 3.57 3.67
2.9
3.5
0
1
2
3
4
5
6
7
8
0
5
10
15
20
25
30
35
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Electricity Transacted through IEX and
PXIL(INBU)
Price of Electricity transacted trough
Power Exchange (/KWH)
Source CERC Annual report 2014-15

16. MARKET MIX
• The short term power trading market has grown at
a healthy pace of 19.57% p.a over the past 9
years.
• Over 89% of electricity generated in India is
bought and sold trough Long term PPAs and
remaining 11% is traded in short term Power
market.
• Increase participation of the Private sector
Including IPPs in the industry encourage its
growth in terms of Market volume.
• State rely on Medium term and or short term
Bilateral trades for meeting their intermediate
load requirements.
• Power Exchanges as well as direct bilateral trades
between DISCOMS , have helped unlock the
potential of hitherto bottled up Power transaction
costs and helped to narrow the gap between
demand and supply.
41%
34% 38% 37% 34% 35%
11%
19%
16%
24% 29% 30%
39% 34% 29%
25% 21% 20%
9% 13%
16%
15% 17% 16%
0%
20%
40%
60%
80%
100%
120%
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
BL- Discoms UI Transactions
Exchange Trades BL- Traders
%shareofmarket
Source KPMG report

17. Year NO OF TRADERS HF_HI Index
2004-05 4 0.55
2005-06 7 0.41
2006-07 9 0.25
2007-08 12 0.26
2008-09 15 0.16
2009-10 14 0.24
2010-11 19 0.19
2011-12 17 0.17
2012-13 22 0.14
2013-14 23 0.15
2014-15 28 0.14
HERFINDAHL HIRSCHMAN INDEX
4
7
9
12
15 14
19
17
22 23
280.55
0.41
0.25 0.26
0.16
0.24
0.19 0.17
0.14 0.15 0.14
0
0.1
0.2
0.3
0.4
0.5
0.6
0
5
10
15
20
25
30
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
NO OF TRADERS HF_HI Index
Source CERC Annual report 2014-15
 Index is commonly accepted measure of
market concentration
 It is calculated by squaring the market
share of each firm competing in a market,
and then summing the resulting numbers
 More the index i.E. More the concentration,
market is closer to monopoly
 Less is the concentration i.E. More number of
firms in the market, indicating a competition
in the market

18. Trading Margin
Margin/Year 2010-11 2011-12 2012-13 2013-14 2014-15
Trading
Margin(Paise) 5 5 4.1 3.5 3.8
5 5
4.1
3.5
3.8
0
1
2
3
4
5
6
2010-11 2011-12 2012-13 2013-14 2014-15
Trading Margin
Trading Margin
Source CERC Annual report 2014-15

19. MARKET SHARE AND BUSINESS
STRATEGIES

20. Company /Year 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
PTC India Ltd 33.12% 42.89% 35.11% 33.05% 29.64% 31.68% 33.12%
NTPC Vidyut Vyapar Nigam Ltd 16.13% 13.25% 17.07% 17.44% 11.67% 6.13% 5.26%
Tata Power Trading Company Ltd 11.50% 9.83% 8.25% 10.57% 11.29% 11.04% 9.56%
JSW Power Trading Company Ltd 8.58% 7.92% 4.40% 3.21% 10.38% 12.40% 8.47%
Mittal Processors (P) Ltd. 1.98% 4.87% 9.53%
Manikaran Power Ltd. 1.59% 3.35%
MARKET SHARE OVER THE YEARS
33.12%
42.89%
35.11% 33.05% 29.64% 31.68% 33.12%
16.13%
13.25%
17.07% 17.44%
11.67% 6.13% 5.26%
11.50%
9.83%
8.25% 10.57%
11.29%
11.04% 9.56%
8.58%
7.92%
4.40% 3.21%
10.38% 12.40%
8.47%
1.98% 4.87% 9.53%
1.59% 3.35%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Manikaran Power Ltd.
Mittal Processors (P) Ltd.
JSW Power Trading Company
Ltd
Tata Power Trading Company
(P) Ltd
NTPC Vidyut Vyapar Nigam Ltd
PTC India Ltd
Source CERC Annual reports

21. MARKET SHARE ANALYSIS
PTC India limited is the market leader in this
segment, others are also giving stiff competition
PTC’s market share increases from 33% to approx
43% in 2009-10 but comes down to 33%
Thereafter, it maintains its market share at
approx 33% till 2014-15
Share of TATA Power is constant throughout.
NVVN’s share is decreasing
Significant growth is shown by Mittal Processors
and Manikaran Power Ltd

22. YEAR
MARKET
SHARE
ELECTRICITY
TRADED (IN BU)
2008-09 33.12% 8.18
2009-10 42.89% 14.54
2010-11 35.11% 15.17
2011-12 33.05% 16.98
2012-13 29.64% 17.68
2013-14 31.68% 20.83
2014-15 33.12% 21.18
MARKET SHARE OF PTC OVER THE YEARS
Source CERC Annual reports
8.18
14.54 15.17
16.98 17.68
20.83 21.18
33.12%
42.89%
35.11%
33.05%
29.64%
31.68% 33.12%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
0.00
5.00
10.00
15.00
20.00
25.00
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
ELECTRICITY TRADED (IN BU)
MARKET SHARE
• Short term trades contribute
more than 55-56% of total
volume of traded by PTC.
• The revenue contribution of short
term trade is nearly 52% in PTC.

23. Year
Volume of
Electricity
Transacted
Directly between
DISCOMs (BU)
Total Volume of
Short term (BU)
Volume of
Bilateral Direct as
% of total volume
of Short term
2009-10 6.19 65.9 9%
2010-11 10.25 81.56 13%
2011-12 15.37 94.51 16%
2012-13 14.52 98.94 15%
2013-14 17.38 104.64 15%
2014-15 15.58 98.99 16%
VOLUME TRADED DIRECTLY BETWEEN DISCOMS
9%
13%
16%
15% 15%
16%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
20
40
60
80
100
120
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Volume of Electricity
Transacted Directly
between DISCOMs (BU)
Total Volume of Short
term (BU)
Volume of Bilateral Direct
as % of total volume of
Short term
Source CERC Annual reports
 It has increased from 9% in 2009
to 16% in 2011 in comparison to
the total short term volume
traded.
 When compared to 2013-14, the
volume of electricity transacted
decreased, whereas the share of
electricity transacted as
percentage of total volume of
short-term increased in 2014-15.

24. BILATERAL TRADING OF TRADING LICENCEES
Source FORM IV
Bilateral Trading Transactions(in MUs)
2011-12 2012-13 2013-14 2014-15 2015-16
JSW 0.00 0.00 0.00 0.00 0.00
PTC 16425.09 12444.44 7999.71 6331.41 4892.65
TATA 2784.19 3146.96 3156.74 1326.81 459.64
NVVN 5001.22 5111.85 2626.74 1786.60 1049.16
Manikaran 0.00 0.00 0.00 0.00
Mittal 306.21 831.22 830.61
0.00
2000.00
4000.00
6000.00
8000.00
10000.00
12000.00
14000.00
16000.00
18000.00
2011-12 2012-13 2013-14 2014-15 2015-16
MillionUnits(MUs)
Bilateral Trading Transactions JSW
PTC
TATA
NVVN
Manikaran
Mittal
 PTC has a great downfall from 16425.72
MUs in 2011 to 4892.41 MUs in 2015
Approx. 70% decrease.
 Mittal Shows a growth of 170% in its
bilateral trade from 2013-14 to 2015-16.
 Over all bilateral trading market decreased
in 2015-16

25. POWER BANKING OF TRADING LICENCEES
Source FORM IV
Inter-State Trading Transactions through swapping
& banking arrangements
2011-12 2012-13 2013-14 2014-15 2015-16
JSW 0.00 0.00 0.00 0.00 0.00
PTC 2382.04 3189.94 3506.58 2783.82 4347.40
TATA 871.12 214.94 479.94 139.99 2.67
NVVN 2960.40 1527.49 1294.87 1093.36 1092.18
Manikaran 0.00 67.20 951.35 2101.10
Mittal 1317.59 2903.42 5060.72
0.00
1000.00
2000.00
3000.00
4000.00
5000.00
6000.00
2011-12 2012-13 2013-14 2014-15 2015-16
MillionUnits(MUs)
Swapping & Banking Arrangements
JSW
PTC
TATA
NVVN
Manikaran
Mittal
 Banking of power means exchange of
electricity for electricity (instead of money).
 It’s a seasonal variation dependent
generation of power in which surplus state
supply power to the deficit state.
 Manikaran Power Ltd and Mittal Processors
(P) Ltd have done significant business in
banking and swapping arrangements

26. POWER EXCHANGE TRADING OF
TRADING LICENCEES
Source FORM IV
Transactions through Power Exchange
2011-12 2012-13 2013-14 2014-15 2015-16
JSW 37.16 4.41 0.00 0.00 0.00
PTC 3594.52 5698.26 6329.39 9569.36 12275.66
TATA 1285.54 2473.52 2353.17 2719.98 4657.94
NVVN 0.00 0.00 0.00 209.54 1340.81
Manikaran 241.43 909.64 960.61 5415.05
Mittal 0.00 807.51 3655.51
0.00
2000.00
4000.00
6000.00
8000.00
10000.00
12000.00
14000.00
2011-12 2012-13 2013-14 2014-15 2015-16
MillionUnits(MUs)
Transactions through Power Exchange
JSW
PTC
TATA
NVVN
Manikaran
Mittal
 The share of Short term trade at
Exchange of PTC has increased from
15% to 30% during FY2012 to
FY2016.
 Mittal shows growth of 352% from
2015 to 2016.
 Manikaran shows a tremendous
growth since 2012 to 2016

27. Month wise Analysis of Banking
Year
2014-15
Mittal Manikaran PTC
Apr 68.67 0.00 179.08
May 167.12 7.44 162.85
Jun 209.11 14.24 211.58
Jul 243.40 14.88 238.18
Aug 288.32 14.88 272.50
Sep 328.81 14.40 318.63
Oct 126.29 97.33 54.83
Nov 251.19 156.59 236.72
Dec 274.74 161.81 379.22
Jan 439.98 161.81 252.31
Feb 288.87 146.15 294.16
Mar 216.92 161.81 183.74 0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
500.00
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Inter-State Trading Transactions through
Swapping or Banking Arrangement
Mittal
Manikaran
PTC
Year 2014-15
Year 2014-15Source FORM IV

28. Year 2015-16
Year
2015-16
Mittal Manikaran PTC
Apr 73.95 0.00 169.27
May 312.16 0.00 205.75
Jun 398.64 0.00 164.95
Jul 480.94 163.00 617.46
Aug 570.18 260.45 612.08
Sep 519.05 186.66 383.90
Oct 157.77 206.40 103.03
Nov 345.16 288.00 448.50
Dec 538.94 308.88 515.15
Jan 666.06 399.71 467.25
Feb 578.87 139.20 412.30
Mar 419.00 148.80 247.76
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Inter-State Trading Transactions through
Swapping or Banking Arrangement
Mittal
Manikaran
PTC
Year 2015-16
Source FORM IV
Month wise Analysis of Banking

29. 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
PTC 941.01 1,385.19 1,203.66 1,287.44 2,510.00 2,030.00
Mittal -10.48 10.28 57.23 143.39 96.61
Manikaran 1.69 7.50 6.94 8.94 14.49
NVVN 283.92 300.58 1119.33 -348.44 602.36 436.11
PAT OF COMPANIES
In million rupees
Year/Company PTC Mittal Manikaran NVVN
2011 47.20% -198.09% 343.79% 5.87%
2012 -13.11% 456.71% -7.47% 272.39%
2013 6.96% 150.55% 28.82% -131.13%
2014 94.96% -32.62% 62.08% -272.87%
2015 -19.12% -27.60%
In percentages
COMPANY ANNUAL REPORT

30. 47.20%
-13.11%
6.96%
94.96%
-19.12%
-198.09%
456.71%
150.55%
-32.62%
343.79%
-7.47%
28.82%
62.08%
5.87%
272.39%
-131.13%
-272.87%
-27.60%
-400.00%
-300.00%
-200.00%
-100.00%
0.00%
100.00%
200.00%
300.00%
400.00%
500.00%
2011 2012 2013 2014 2015
in%
Profit After Tax(PAT)
PTC
Mittal
Manikaran
NVVN
PAT OF COMPANIES

31. Receivables
2010-11 2011-12 2012-13 2013-14 2014-15
PTC 977.89 2,581.01 2,142.11 2,085.69 2,515.10
Manikaran Rs. 5.70 Rs. 0.49 Rs. 1.86 Rs. 6.29
Mittal Rs. 12.99 Rs. 106.88 Rs. 88.78 Rs. 27.43
NVVN 162.07 158.36 268.28 485.84
Payables
2010-11 2011-12 2012-13 2013-14 2014-15
PTC 526.21 1,258.19 1,100.95 1,085.67 1,620.71
Manikaran Rs. 5.26 Rs. 2.23 Rs. 0.74 Rs. 4.50
Mittal Rs. 7.85 Rs. 121.80 Rs. 98.49 Rs. 32.41
NVVN 323.79 438.38 477.11 530.46
TRADE RECEIVABLES AND PAYBLES
COMPANY ANNUAL REPORTS

32. STATE WISE ANALYSIS

33. TOP 5 SELLING STATE
Transaction (in
MUs) Year '08 Year '09 Year '10 Year '11 Year '12 Year '13 Year '14 Year '15
HARYANA 228.85 632.39 1144.01 1541.88 1113.42 3341.25 3045.8 3403.83
RAJASTHAN 147.73 932.71 274.32 2034.18 2067.00 2197.6 3678.6 3101.04
HIMACHAL 1264.42 2979.45 2902.92 3477.7 1605.52 2956.56 2538.11 3521.79
GUJRAT 279.04 1297.65 2574.89 5759.09 5287.76 2975.2 3494.77 2625.15
KARNATAKA 611.86 1880.12 2309.12 1843.98 2014.8 3566.38 4275.01 2878.44
TOP 5 STATES SELLING IN BILATERAL TRADE
279.04
1297.65
2574.89
5759.09
5287.76
2975.2
3494.77
2625.15
0.00
1000.00
2000.00
3000.00
4000.00
5000.00
6000.00
7000.00
Year '08 Year '09 Year '10 Year '11 Year '12 Year '13 Year '14 Year '15
HARYANA
RAJASTHAN
HIMACHAL
GUJRAT
KARNATAKA
Monthly Market Report CERC

34. TOP 5 PURCHASING STATE
Transaction (in
MUs) Year '08 Year '09 Year '10 Year '11 Year '12 Year '13 Year '14 Year '15
HARYANA 602.63 3850.33 2262.43 2992.88 2454.76 2437.54 4917.17 5944.42
MAHARASTRA 1640.55 3356.49 3497.8 4948.76 6118.03 1208.44 2695.45 3951.94
AP 1182.51 1796.66 1315.83 3544 4025.28 6284.36 6403.7 4391.44
TELENGANA 2525.49 9269.29
WESTBENGAL 32.34 250 762.72 2051.41 3578.37 3714.78 2391.86 3831.88
TOP 5 STATES PURCHASING IN BILTERAL TRADE
2525.49
9269.29
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
Year '08 Year '09 Year '10 Year '11 Year '12 Year '13 Year '14 Year '15
HARYANA
MAHARASTRA
AP
TELENGANA
WESTBENGAL
Monthly Market Report CERC

35. Year '08 Year '09 Year '10 Year '11 Year '12 Year '13 Year '14 Year '15
HIMACHAL 172.21 264.32 542.15 703.67 1792.98 1158.74 1940.36 2323.45
MP 86.97 161.47 283.11 499.88 1202.33 2085.26 1662.56 1458.55
GUJRAT 57.14 913.84 2745.49 3544.91 2144.08 4132.32 3331.53 1628.03
CHATTISGARH 168.46 1187.31 1804.75 998.35 1047.06 826.3 1502.94 952.19
KARNATAKA 35.6 845.99 611.34 1061.82 1936.28 2758.29 1463.95 1169.34
TOP 5 STATES PURCHASING IN POWER EXCHANGE
57.14
913.84
2745.49
3544.91
2144.08
4132.32
3331.53
1628.03
0.00
500.00
1000.00
1500.00
2000.00
2500.00
3000.00
3500.00
4000.00
4500.00
Year '08 Year '09 Year '10 Year '11 Year '12 Year '13 Year '14 Year '15
HIMACHAL
MP
GUJRAT
CHATTISGARH
KARNATAKA

36. Year '08 Year '09 Year '10 Year '11 Year '12 Year '13 Year '14 Year '15
PUNJAB 0 49.43 49.43 3432.44 3156.65 2844.48 1353.29 1919.89
HARYANA 96.75 328.78 723.66 615.94 1237.50 1620.81 1339.96 1694.44
RAJASTHAN 2.13 1699.6 1522.49 1933.1 3464.03 3664.77 3607.81 6037.07
MAHRASTRA 427.81 773.42 1759.98 1275.61 1483.69 2269.1 3236.94 1921.49
GUJRAT 2.66 22.28 241.71 943.25 3313.46 7046.96 4321.66 3079.91
TOP 5 STATES SELLING IN POWER EXCHANGE
2.13
1699.6 1522.49
1933.1
3464.03
3664.77 3607.81
6037.07
0
1000
2000
3000
4000
5000
6000
7000
8000
Year '08 Year '09 Year '10 Year '11 Year '12 Year '13 Year '14 Year '15
PUNJAB
HARYANA
RAJASTHAN
MAHRASTRA
GUJRAT
Monthly Market Report CERC

37. Sale and Purchase States wise
128.77
10.54 2.735 0.45 2.24
44.288
101.06
416.67
457.67
424.15
477.188
452.37
10.50
244.25 239.085252.174
224.42
283.698
28.25
0.15 6.558 6.63 6.3 0
0.00
100.00
200.00
300.00
400.00
500.00
600.00 DELHI
SALE PURCHASE
52.75
246.24
270.65
311.7
341.43
167.77
0.00 4.90 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00
40.98
219.60
330.56
373.56
331.1
156.2
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
HIMACHAL PRADESHSALE
PURCHASE
31.25
257.245
280.06
304.03
358.17
279.485
0.95 2.95 0.1 0.1 0 3.030.00 3.6 2.925 0 0.00 15.61
94.56
295.47
451.532
534.415
485.908
320.718
0.00
100.00
200.00
300.00
400.00
500.00
600.00 J & K
SALE
PURCHASE
0 0
28.2
439.305
378.30
309.8
24.09
0 0 0 0 00 0 0 0 0 0 0
183.27
183.27
152.73
91.59
0
0
50
100
150
200
250
300
350
400
450
500
MADHYA PRADESH SALE
PURCHASE
Monthly Market Report CERC

38. 0.45 0 0 0 0 0
35.41
199.92
187.125
206.08
327.95
198.018
20.10
245.56
224.27
255.48
230.6
39.93
16.41 8.69 0 0 9.27
34.1
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
Uttar Pradesh
SALE
PURCHASE
0
91.88
0 0 0 3.21 2.74
366.54
183.27
152.73
91.59
0
109.51
85.96
0.9
392.79
294.97
202.14
0.00 0.00 0.00 0.00 0.00 7.286
0
50
100
150
200
250
300
350
400
450
West Bengal
SALE
PURCHASE
0 3.6 2.4 0 0 0
47.40 51.70
157.65
204.56
149.48
45.16
0 1.05
146.206
229.26 225.61
215.114
0.00 0.00 0.00 0.00 0.00 0.00
0
50
100
150
200
250
HARYANA
SALE
PURCHASE
0 0
1.546
0 0
0.974
0 0
2.058
1.485
0 00 0 0 0 0
0.56
1.47
0 0 0 0 0
0
0.5
1
1.5
2
2.5
Tripura
SALE
PURCHASE
Sale and Purchase States wise
Monthly Market Report CERC

39. • There is a seasonal pattern in sale and purchase
of Power in state.
• In terms of selling, Delhi has done the maximum
amount of selling, having sell around 2518 Mus.
• Tripura sells the least, having sell only 6.06 Mus.
• In terms of purchasing, J & K has done
maximum amount of purchasing, having
purchased around 2205 MUs .
• Tripura purchased the least, having purchase
only around 2.03 MUs .
Sale and Purchase States wise Analysis

40. COMPETITOR ANALYSIS STATE
WISE

41. PTC MARKET SHARE VS COMPETITORS IN VARIOUS
STATES
• In terms of selling PTC India has significant presence in states
like Delhi, West Bengal, Madhya Pradesh, Assam and Odisha
• PTC India lags in selling in states like HP, J&K, UP, Haryana,
Rajasthan, Punjab, Meghalaya, Manipur and Chattisgarh
• In terms of purchasing PTC India has significant presence in
states J&K, WB, MP, Delhi, Odisha and Chattisgarh
• PTC India lags in purchasing in states like HP, J&K,UP, Haryana,
Rajasthan, Punjab, Meghalaya, Assam and Manipur

42. MARKET SHARE OF COMPETITORS IN PURCHASING
STATES
PTC
61%
NVVN
17%
MITTAL
22%
DELHI
PTC
14%
NVVN
0%
MITTAL
86%
HIMACHAL PRADESH
PTC
36%
NVVN
24%
MITTAL
40%
JAMMU & KASHMIR PTC
0%
NVVN
0%
MITTAL
100%
UTTAR PRADESH
PTC
79%
NVVN
0%
MITTAL(CES
C-WB)
21%
WEST BENGAL
PTC
25%
NVVN
16%
MITTAL
59%
HARYANA
PTC
77%
NVVN
0%
MITTAL
23%
MADHYA PRADESH
PTC
0%
NVVN
100%
MITTAL
0%
RAJASTHAN
PTC
7%
NVVN
0%
MITTAL
93%
PUNJAB
PTC
18%
NVVN
1%
MITTAL
81%
MEGHALAYA
PTC
34%
NVVN
66%
MITTAL
0%
TRIPURAPTC
0%
NVVN
0%
MITTAL
100%
CHATTISGARH
Monthly Market Report CERC

43. MARKET SHARE OF COMPETITORS IN SELLING STATE
PTC
34%
NVVN
28%
MITTAL
38%
DELHI
PTC
15%
NVVN
0%
MITTAL
85%
HIMACHAL PRADESH
PTC
29%
NVVN
25%
MITTAL
46%
JAMMU & KASHMIR
PTC
0%
NVVN
0%
MITTAL
100%
UTTAR PRADESH
PTC
84%
NVVN
16%
MITTAL
0%
WEST BENGAL
PTC
48%
NVVN
0%
MITTAL
52%
HARYANA PTC
0%
NVVN
0%
MITTAL
100%
RAJASTHAN
PTC
12%
NVVN
0%
MITTAL
88%
PUNJAB
PTC
23%
NVVN
0%
MITTAL
77%
MEGHALAYA
PTC
0%
NVVN
0%
MITTAL
100%
GOA
PTC
86%
NVVN
0%
MITTAL
14%
CHATTISGARH
PTC
28%
NVVN
72%
MITTAL
0%
TRIPURA
Monthly Market Report CERC

44. Employees’ Expense Comparison
2010-11 2011-12 2012-13 2013-14 2014-15
PTC 69.58 119 129.74 154.6 153.9
Manikaran 11.67 13.46 19.64 29.95
Mittal 5.38 11.64 27.58 40.04
NVVN 57.43 69.14 79.77 85.92 101.60
0
20
40
60
80
100
120
140
160
180
inMillionRupees
Employees’ Expense

45. FUTURE POTENTIAL OF PTC
INDIA LTD

46. Future Potential for PTC
1181.81
1258.33
1346.15
1428.57
1526.6711% 12%
13% 14%
15%
0
500
1000
1500
2000
0%
2%
4%
6%
8%
10%
12%
14%
16%
2016-17 2017-18 2018-19 2019-20 2020-21
Electricity
Generation(BUs)
Short Term
Trades%
2016-17 2017-18 2018-19 2019-20 2020-21
Electricity Generation(BUs) 1181.81 1258.33 1346.15 1428.57 1526.67
Short Term Trades% 11% 12% 13% 14% 15%

47. FORECASTED DATA FOR POWER BANKING
0.0
500.0
1000.0
1500.0
2000.0
2500.0
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
QUARTERLY
DATA
182.3
842.8
757.6
599.3
1003.2
678.4
686.8
821.5
779.1
1082.2
972.2
673.1
553.5
829.3
670.8
730.2
540.0
1613.4
1066.7
1127.3
668.6
1949.1
1281.3
1339.5
0.0
500.0
1000.0
1500.0
2000.0
2500.0
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
FORECASTED DATA POWER BANKING
The Data showed a seasonal pattern
of 3 quarters.
There is a trend in the pattern also.
Holts &winters was most suitable
method.
)Tα)(L(1
S
Y
αL 1t1t
st
t
t 


st
t
t
t γ)S(1
L
Y
γS 
1t1ttt β)T(1)Lβ(LT  

48. 0
1000
2000
3000
4000
5000
6000
7000
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
QUARTERLY
DATA
4126
6642
2986
2671
3333
6111
1261
17392137
3020
1436
1834
2027
2399
1034 872
16131241 892 1146
19872197
2957
5427
0
2000
4000
6000
8000
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
FORECASTED VOLUME FOR BILATERAL TRADES
FORECASTED DATA FOR BILATERAL TRADES
The Data showed a seasonal pattern
of 3 quarters.
There is a trend in the pattern also.
Holts &winters was most suitable
method.
)Tα)(L(1
S
Y
αL 1t1t
st
t
t 


st
t
t
t γ)S(1
L
Y
γS 
1t1ttt β)T(1)Lβ(LT  

49. 0
500
1000
1500
2000
2500
3000
3500
4000
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
QUARTERLY
DATA
1470
803
622 700
1753
1975
1022 948 974 1087
2193 2076
3249
2446
2196
1678
3101 3233 3235
2707
3160
2697
2553
2829.00
0
500
1000
1500
2000
2500
3000
3500
2011-12 2012-13 2013-14 2014-15 2015-16 2016-17
FORECASTED DATA FOR POWER EXCHANGE
FORECASTED DATA FOR POWER EXCHANGE
The Data showed a seasonal pattern
of 3 quarters.
There is a trend in the pattern also.
Holts &winters was most suitable
method.
)Tα)(L(1
S
Y
αL 1t1t
st
t
t 


1t1ttt β)T(1)Lβ(LT  
st
t
t
t γ)S(1
L
Y
γS 

50. Conclusion
 PTC Market share to remain same as per the prevailing market
condition.
 The Competitors have more focus on banking
 Trade through exchange has increased from 3.6BUs in 2010-11 to
13 Bus in 2015-16. It is likely to go down in 3 quarter and then take
a upward trend.
 Bilateral Trade has increased from 4.7BUs in 2010-11 to 12.6BUs in
2015-16Forecasted data shows further increase in power banking
transaction
 As the no. of licensees are increasing it seem a fierce battle of
margin at Power Exchange and bilateral trades.
 The future investment in infrastructure and current economic
condition the over all short term market will have a upward trend.

51. Recommendations
• PTC India needs to focus on states Like UP,WB,Chattisgarh,
Punjab, more marketing activities to be done.
• Bilateral Trades showing upward trend in future should be
core focus area and major revenue contribution factor.
• To meet up with the Competitor Like Mittal and Manikaran,
PTC need to be aggressive in Power Banking.
• With growth in economic condition and infrastructure PTC
need to have more order booking and customer on their
List
• PTC India with its subsidiary PTC Energy also needs to focus
more on renewable sector.

52. THANK YOU