JSW Energy’s Utkal unit secures 400 MW, 25-year power supply deal with Karnataka's PCKL

JSW Energy Ltd on Thursday (October 16) said its subsidiary JSW Energy (Utkal) Ltd has received a Letter of Award (LoA) from Power Company of Karnataka Limited (PCKL) for a 400 MW power supply arrangement.

The agreement is for a period of 25 years, beginning April 1, 2026. Under the arrangement, coal for the project will be sourced from Coal India Limited under the SHAKTI Scheme 2017.

The long-term supply deal is subject to regulatory adoption and subsequent signing of the Power Purchase Agreement (PPA).  Following the signing of this agreement, JSW Energy (Utkal) will have 57% of its total capacity tied up, ensuring long-term earnings stability for the plant.

First Quarter Results

JSW Energy's consolidated net profit rose 42.4% year-on-year to ₹743 crore, led by a sharp scale-up in renewable and thermal power generation. Total revenue rose 78.6% YoY to ₹5,143 crore, while EBITDA nearly doubled to ₹2,789 crore, marking a 96.8% jump from the year-ago period. The operating margin expanded to 54.2% from 49.2% a year ago.

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The company commissioned 1,893 MW of capacity during the quarter, taking its installed base to 12,768 MW — up 70% YoY. This includes 1,343 MW from the acquisition of Mytrah Energy (now 02 Power) and 550 MW of organic renewable additions.

Net power generation during the quarter stood at 13.5 billion units, up 71% YoY, with renewable generation accounting for 5 BUs — a 54% YoY rise. Long-term PPA generation grew 73% to 11.8 BUs.

Shares of JSW Energy Ltd ended at ₹548.65, up by ₹3.00, or 0.55%, on the BSE.

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