Haldia Energy highlights cash risks for Coal power projects
Haldia Energy recovered fixed charges in FY26, but its receivable build-up shows why Coal power projects cannot be assessed through plant availability alone. The station achieved 99% availability under a 25-year cost-plus agreement.
Trade debtors increased to Rs 2,939 crore from Rs 1,414 crore. Net regulatory assets stood at Rs 599 crore, while tariff true-ups were completed only through FY21. A direction to refund about Rs 263 crore remains under appeal. The rating review records the exposure, not the final decision.
Revenue reached Rs 2,113 crore and operating profit Rs 869 crore. Total debt to operating profit rose to 5.2 times. A Long term power contract can secure entitlement without ensuring timely cash collection. EnergylineIndia.com explains. Coal power projects need separate tracking of receivables, regulatory balances and group exposure. For Coal power projects, earnings may coexist with weaker cash conversion. This is the central credit issue for Coal power projects.
