22 April 2020 NTPC has met its target of 5.3GW of commercialization for FY20, marking the highest ever commercialization for the company in a single year (Exhibit 1). We note the recovery of RoE / fixed charges for these plants depends on NTPCs ability to operate and declare availability. Thus, the company is insulated from power demand conditions (which, given the current scenario, could lead to lower offtake from these plants). Muted power demand, coupled with production ramp-up at Coal Indias mines, has resulted in an increase in coal stocks at power plants. In 1H, availability at NTPCs plants was impacted by production issues at Coal Indias mines (Talcher and Korba coalfields). However, production at these mines has improved, leading to recovery in coal stocks at these plants (Exhibit 2). As per our interaction with NTPC, given the essential nature of the power generation business, the movement of coal through rail or road has not been a challenge.