During 2012, CLP’s Indian wind energy portfolio demonstrated significantly improved performance, delivering earnings of HK$47 million. This was largely due to the commissioning of new projects at Andhra Lake and Sipla, the higher wind resources experienced during the year and improved operation and maintenance management capability.
The company further has 451MW of wind energy under development, all of which it expects to commission by March 2014.
The financial performance in 2012 of CLP’s investments in India was disappointing with an operating loss of HK$182 million, compared to earnings of HK$154 million in 2011. Jhajjar Power Station (Jhajjar) reported an operating loss due to low availability. This was a result of coal shortages and technical problems caused by the poor quality of coal which has been supplied by Coal India Limited since the commissioning of Units 1 and 2 in March and July 2012, respectively. The company has taken an impairment of Rs.2,470 million (HK$350 million) to the book value of its investment in Jhajjar. The post-tax impairment loss is Rs.2,227 million, or HK$315 million.