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

"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," said Arvind Gupta
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Power generation is strong, and more renewable energy sources are being added

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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