Costly imported coal puts Ratnagiri plant expansion on hold

JSW Energy has placed its power project expansion in Ratnagiri on hold due to costly imported coal, according to its chairman Sajjan Jindal.

“In case of imported coal, there is a huge problem. Even if you own mines outside, this coal is to be sold at a benchmark price,” he said. The company plans to rely only on domestic source for coal, he added.

The company reported a 54 per cent decline in its consolidated profit at Rs 136.31 crore in the June quarter, bogged down by delays in power procurement by distribution licencees as well as higher fuel costs.

“The operational performance during the quarter was impacted mainly due to deferment of planned power procurement by distribution licencees, onset of early monsoon and prolonged hearing on matter related to tariff fixation,” JSW Energy said in a statement.