The Mundra power plant, which operates on imported coal, was the planned destination for the spoils from the Carmichael project. The Indian financial services company Edelweiss said Adani Power was “on thin ice” and doubted whether Mundra would reopen. “Management does not foresee a scenario where the Mundra power plant remains shut for the entire year,” Edelweiss said in a market update. Currently Adani Power has debts of about $US7.4bn, having lost $US927m last year and $US317m this year. The high coal price – which has strangled the balance sheet of Adani power – notionally makes thermal coal an attractive commodity to sell on the open market.

Source: The Guardian May 07, 2018 08:26 UTC