PGCIL’s asset capitalisation over $1 B
Power Grid Corporation of India Ltd (PGCIL) has commissioned assets worth $1.34 B (RS10,709 crore) during the second quarter (July to September) of FY21.
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India, Gurugram: Power Grid Corporation of India Ltd (PGCIL) has commissioned assets worth $1.34 B (RS10,709 crore) during the second quarter (July to September) of FY21.
This, according to industry observes, could be amongst the highest capitalisation achieved by PGCIL in any single quarter in recent history.
This achievement was possible largely by the commissioning of Pole-1 of the Raigarh-Pugalur HVDC line.
In Q1 (April to June) of FY21, asset capitalisation had stood at $159 M (RS1,184 crore). In this quarter, which was also adversely affected by the COVID-19 lockdown, the only notable asset to be commissioned was the 400 kV double-circuit Hiriyur-Mysore transmission line spanning 413 ckm. As opposed to this, in Q2 of FY21, PGCIL could commission 4,445 ckm of transmission lines, once again thanks to the Raigarh-Pugalur system.
During the first half (April to September) of FY21, PGCIL could add 4,858 ckm of transmission lines, 9,916 MVA of transformation capacity and 1,500 MW of interregional transmission capacity.
In a notable development, PGCIL, in Q2 of FY21, commissioned India’s first indigenously developed 400 kV optical current transformer.
The capital expenditure incurred in the first half of FY21 stood at $671 M (Rs.5,006 crore). In FY21, PGCIL has planned capital expenditure (capex) of $13.5 B (Rs.10,500 crore). As seen above, $671 M (Rs.5,006 crore) has already been incurred in the first half. This leaves roughly the same quantum for the second half of FY21.
As of September 30, 2020, PGCIL has estimated total works in hand worth around $5.5 B (Rs.41,000 crore). A little over half of this represents ongoing projects.
PGCIL has also estimated nearly $2.4 B (Rs.18,000 crore) of upcoming opportunities including interstate transmission works related to renewable energy evacuation and intrastate transmission works under TBCB mode.
It may be noted that capitalisation refers to assets commissioned while capital expenditure relates to assets under creation.
Source: T&D India