The Khurja Power Project A Recipe for an Indian Stranded Asset October 2018 Tim Buckley, Director of Energy Finance Studies, Australasia (
[email protected]) and Kashish Shah, Research Associate (
[email protected]) Vibhuti Garg, Energy Economist (
[email protected]) Table of Contents Executive Summary .......................................................................................................................... 1 1. Introduction ................................................................................................................................ 4 2. Indian Electricity Sector Overview ........................................................................................... 7 3. THDC India Ltd ............................................................................................................................ 9 4. Khurja’s Questionable Viability............................................................................................... 10 5. Project Risks Are Mounting...................................................................................................... 16 6. Interstate Renewables Trade .................................................................................................. 22 7. UP Electricity Sector Outlook .................................................................................................. 24 8. India’s Coal-fired Project Pipeline .......................................................................................... 29 Conclusion ......................................................................................................................................