Q3 Power generation up 93 per cent at Essar Energy

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LONDON (ShareCast) - Third-quarter power generation almost doubled for the period ending December 31st at India-focused integrated energy company Essar Energy (LSE: ESSR.L - news) .

Power generation rose 93% to 2,862m units compared to 1,481m units in the same quarter a year earlier.

The high increase was related to the commissioning of Salaya 1 - the Essar Energy's imported coal plant- in the first quarter of the fiscal year 2013 and production levels at the group's oil and gas units in the second and third quarters.

Oil and gas production also experienced significant increases over the corresponding time frames.

The current price gross refinig margins (CPGRM) of oil and gas produced at the Vadinary plant stood at $9.75 per barrel, 246% more than the $2.82 in the same quarter a year earlier.

Throughput during the quarter was 36.32m barrels, up 77% against 20.5m barrels in the same quarter a year earlier.

Oil and gas production was down 9.0% at the Stanlow plant during the quarter. Some 18m barrels were produced compared to 19.7m barrels in the same quarter a year earlier. The group stated that the reduction in production reflected a planned shutdown.

MF