India - Combined Cycle Power Project

Document of The World Bank FOR OFFICIAL USE ONLY Report No. 15227 PROJECT COMPLETION REPORT INDIA COMBINED CYCLE POWER PROJECT (LOAN 2674-IN) DECEMBER 29, 1995 Energy and Infrastructure Operations Division South Asia Country Department II This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  COUNRY EXCHANGE RATES AND ABBREVIATIONS Currency Unit = Rupee (Rs.) Rs.l =Paise 100 RUPEE (Rs.)LUS $ EXCHANGE RATES AND CPI (Yearly Averages) Exchange Rate Consumer Price Index Fiscal Year RupeesfUSS FY 80/81 = 100 February 28, 1986 (SAR) 13.00 148.0 FY 87/88 13.92 163.2 FY 88/89 16.23 176.3 FY 89/90 17.50 190.6 FY 90/91 22.74 216.3 FY 91/92 26.20 237.0 (esimate) FY 92/93 31.20 FY93/94 31.46 Average Rate during project implementation period: US$ I = Rs. 21.60 Government of India and NTPC Fiscal Year: April I - March 31 Measures and Equivalents I Ton (t) = I metric tonne = 1,000 Kg = 2,204 lbs. I Kilovolt = 1,000 volts (V) 1 Kilovolt ampere (kVA) = 1,000 volt-amperes (VA) I Kilowatt-hour (kWh) = 1,000 watt-hours 1 Megawatt-hour (MWh) = 1,000 kdlowatt-hours I Gigawatt-hour (GWh) = 1,000,000 kilowatt-hours ABBREVIATIONS AND ACRONYMS The Act Electricity (Supply) Act of 1948, as amended CA Central Appropriations CEA Central Electricty Authority CPI : Consumer Price Index CT : Combustion Turbine GAIL Gas Authority of India Limited GOI : Government of India IBRD International Bank for Reconstruction and Development ICB International Competitive Bidding IFC International Finance Corporation NTPC : National Thermal Power Corporation ONGC Oil and Natural Gas Corporation PLF : Plant Load Factor QA Quality Assurance SEB State Electricity Board ST Steam Turbine-Generator  FOR OFFICIAL USE ONLY THE WORLD BANK Washington, D.C. 20433 U.S.A. Office of Director-General Operations Evaluation December 29, 1995 MEMORANDUM TO THE EXECUTIVE DIRECTORS AND THE PRESIDENT SUBJECT: Project Completion Report on India Combined Cycle Power Project (Loan 2674-IN) Attached is the Project Completion Report (PCR) on the India: Combined Cycle Power Project (Loan 2674-IN, approved in FY86) prepared by the South Asia Regional Office; Part II was drafted by the sub-borrower and implementing entity, the National Thermal Power Corporation (NTPC). The loan for US$485 million equivalent was closed on December 31, 1993, two years after the original date and was fully disbursed. It supported the eleventh operation to assist the power sector in India. The project's main objective was to provide additional least-cost thermal capacity in Northern and Western India to help eliminate power shortages. To relieve pressures on the coal sectors and coal transport by railway, the project helped introduce combined cycle power generation technology in India (the technology relies on the use of the large volumes of excess gas which were previously flared). The physical project consisted of the installation of three combined cycle power plants in three states (Gajarat, Rajasthan and Uttar Pradesh) totaling 1,500 MW and 1,325 kms of high voltage transmission lines. The project was delayed because of the lengthy procurement process and technical problems with the equipment. Yet, only one of the three plants had a delayed commissioning and a modest transfer of know how in combined cycle technology took place. The three plants are operational and the tariff formula allows recovery of capital and operating costs plus a profit. Sector policy reforms have strengthened NTPC's finances, including the collection of bills. Uncertainties as to the availability of gas have not been removed but the unit can be fired with liquid fuels. The economic analysis was based on the time-slices of NTPC's investments in the Northern and Western Regions, respectively. The economic rates of return are much better than estimated at appraisal (14-16 percent vs. 3-7 percent). The Operations Evaluation Department (OED) rates the outcome of the project as satisfactory (vs. highly satisfactory in the PCR); its sustainability as likely as in the PCR; and its impact on institutional development as moderate (vs. substantial): the improvement in accounts receivable collection was obtained more as a condition for further lending than as a product of this project's supervision but the transfer of technology on combined cycle technology maintenance was successful. Borrower and Bank performances are rated as satisfactory (as in the PCR). The PCR provides adequate information about project implementation and results. No audit is planned as a major review of loans to NTPC was done recently by OED. Attachment This document has a restricted distribution and may be used by recipients only in the perfonnance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.   FOR OFFICIAL USE ONLY INDIA COMBINED CYCLE POWER PROJECT (LOAN 2674-IN) PROJECT COMPLETION REPORT Table of Contents PREFACE EVALUATION StlMMARY PART I: PROJECT REVIEW FROM BANK'S PERSPECTIVE Project Identity Background The Implementing Agency (NTPC) at the Time of Appraisal NTPC at the Time of Project Completion Financial Aspects Project Objectives Project Description Project Design and Organization Project Implementation Loan Effectiveness and Project Startup Implementation Schedule Implementation Process Procurement Project Performance Merit Order Dispatch and Fuel Pricing Environmental Impacts Resettlement and Rehabilitation Project Costs Disbursements Project Results Project Financing Economic Rate of Return Project Sustainability Bank Performance Borrower Performance Comparison of Financial Aspects with Combined Cycle SAR Forecasts Project Relationship Consulting Services Project Documentation and Data This document has a restricted distribution and may be used by recipients only in the perfornance of their ofricial duties. Its contents may not otherwise be disclosed wiLhout World Bank authorization.  PART II: PROJECT REVIEW FROM BORROWER'S PERSPECTIVE PART III: STATISTICAL SUMMARY ANNEXES: A. Performance of Individual Plants Under the Project B. Income Statements C. Sources and Applications of Funds D. Balance Sheet  INDIA COMBINED CYCLE POWER PROJECT (LOAN 2674-IN) PROJECT COMhPLETION REPORT Preface This is the Project Completion Report (PCR) for the gas-based Combined Cycle Power Project in India, for which Loan 2674-IN in the amount of US$ 485 million equivalent was signed on 27 October 1986, and made effective 27 March 1987. The loan closed on 31 December 1993 as compared with the original loan closing date of 31 December 1991. The loan amount was fully disbursed by 2 June 1994. Cofinancing was provided by the International Bank of Japan, and French and Belgian export credits. The balance amount was met by the National Thermal Power Corporation (NTPC) from its own internal resources. The loan, made to India, acting by its President, was onlent to NTPC for implementation. The physical components of the project comprised the instaUlation of three combined cycle power plants in the Northern and Western Regions of India, along with their associated transmission components. The main objective of the project was to provide power in these regions, then suffering from acute power shortages, through the use of combined cycle power plants which entailed reduced environmental impacts and much smaller gestation periods, as well as higher efficiency of energy conversion, compared to conventional coal-fired power generation technology. These objectives were met, albeit with delays in project implementation, some of which was beyond the control of NTPC. There were delays in the investment approval of the project by the Government of India (GOI) resulting in an extension of the implementation schedule envisaged in the SAR. In the case of the Kawas plant, difficulties in concluding a contract with the winning bidder led to the need for a rebidding, which further delayed project implementation. Serious teething problems were experienced in all three plants during the commissioning phase. Project implementation during the construction phase, however, was satisfactory as most of the generating units were synchronized and placed in service ahead of the revised schedules, established at the time of contract award for the respective power plants. The PCR (Preface, Evaluation Summary, Parts I and III) was prepared by the Energy and Infrastructure Operations Division, South Asia Country Department II, with input from NTPC. Part II (Project Review from the Borrower's Perspective) was prepared by GOI and NTPC (In case the said Part II is not received, the last sentence will be deleted). Preparation of this PCR started during the Bank's final supervision mission of the project in October 1993, and a follow-up mission in November 1994, and is based, inter alia, on the Staff Appraisal Report (No. 5831-IN), the Loan and Project Agreements, supervision reports, correspondences between the Bank and the Borrower, internal Bank memoranda and the Project Completion Report prepared by NTPC for its own internal evaluation and archives.   INDIA COMBINED CYCLE POWER PROJECT (LOAN 2674-IN) PROJECT COMPLETION REPORT Evaluation Summarv Introduction i. At the time the project was initiated, consumption of electricity in India had grown at an average annual rate of 8 percent during the past two decades. Although a number of coal-fired thermal projects was planned for the short-term, the deteriorating quality of coal caused increase in station use and adverse environmental impacts on the one hand, and frequent equipment breakdowns and forced outages on the other, resulting in severe power shortages throughout India. Additionally, the increase in the number of coal-fired power stations imposed burdens on both the coal sector and the railways. The development of the large South Bassein and satellite gas fields in the west coast of India, together with the associated gas available from the Bombay High field, provided considerable economic opportunity to extend the use of gas for power generation in areas that were remote from the coal fields. Objectives ii. The main objectives of the project were to provide power in the Northern and Westem Regions of India that were suffering from acute power shortages; diversify the fuels used in power generation, through the use of gas or liquid fuels in regions which were short of hydro and coal resources; relieve pressure on the railway and coal sectors; and introduce in India the combined cycle power generation technology that would provide an efficient, clean, flexible and economic source of power. The project has fully achieved its objectives albeit with some delays through successful completion and commissioning of the three gas-based Combined Cycle Power Plants, built in Anta, Auraiya and Kawas. Implementation Experience iii. NTPC successfully implemented the project, although initial delays in the investment approval of the project by the GOI necessitated a revision of the original commissioning schedule envisaged in the SAR. Project implementation based on the revised schedules for each power plant was by and large satisfactory: most of the generating units were synchronized ahead of schedule. It is curious to note that serious equipment problems, basically of identical nature, were experienced in all three power plants even though the equipment were supplied by entirely different manufacturers, each of international repute. This is discussed in greater detail in Part I, para. 35. The problems were satisfactorily resolved and the plants were finally put in commercial operation, thereby helping mitigate to a large extent, the acute power shortages in the respective regions. Considering that the project represented the first combined cycle power project in India, NTPC's performance in construction management and subsequent operation of the plants in a commercial mode is rated satisfactory. However, NTPC's management of procurement of the Kawas Power Plant was not impressing and caused additional implementation delays.  - ii - Results iv. The project included power plants at Anta and Auraiya in the northern part of India, and Kawas in the western part of the country, as well as associated 220/400 kV transmission lines. The installed capacity of the northem region increased by 8.3% with the commissioning of 1,065 MW of additional capacity provided by Anta and Auraiya, while that of the western region increased by 4.5% with an additional 644 MW provided by Kawas. Coal-fired power plants typically operate at 36-37% overall thermal efficiency, while the combined cycle technology offers a significantly higher energy conversion efficiency of 45% or higher. Thus, the addition of a total of 1,709 MW of combined cycle generation signified a substantial increase in the overall efficiency of the system. However, non- availability of gas at the Kawas plant has accounted for forced outage of the entire power station on numerous occasions in the recent past. NTPC has already initiated steps to install alternate fuel firing capability at this plant, the construction of which has started. Sustainability v. The project is clearly sustainable on financial grounds. Power remains in short supply throughout India and specifically the demand for the fill output of the three power plants exists. The demand growth for electricity is increasing at the rate of about 8% per annum in the northern and western regions. The present tariff setting procedures for generation from NTPC stations allow recovery of capital and operating costs and provide a reasonable profit margin for capital improvements. The new two-part tariff (to cover fixed and variable costs), introduced with effect from I November 1992, provides for incentives to operate the plants efficiently and with high availability. Even though billing and collection have been persistent problems for NTPC for a long time, the recent policy reforms implemented by GOI have changed the commercial operations of NTPC and increased its financial strength to put NTPC in a position to raise funds in both the domestic and international markets (Part I, para. 18). However, GOI and NTPC will need to address some specific policy matters, as detailed in Part I, para. 38, so that the superiority of combined cycle plants over conventional plants is established. Summary of Project Cost and Financing Arrangements vi. The actual project cost was Rs. 26,567 million (US$ 1,229.7 million equivalent), including the associated transmission components and interest during construction. In terms of Rupees, the project cost increased by almost 65% because of the devaluation of the Rupee with respect to the US dollar, while in terms of the US$ the project cost was slightly lower (Part I, para. 42). vii. The Bank loan of US$ 485 million equivalent provided about 40 percent of the total project cost. Financing was also provided by the International Bank of Japan, French and Belgian export credits. The balance of the project cost was met from NTPC's own intemal resources.  - iii - Implementation Time Table viui. Project implementation suffered due to: (a) delays in meeting the conditions of loan effectiveness; (b) delay in investment approval for the project by GOI; (c) delays in procurement; in particular, that of the Kawas Power Plant; and (d) serious equipment problems during the commissioning phase of all three plants. The loan closing date had to be extended twice to pernit completion of the project, as well as disbursements under the loan. Summary of Performance of the Borrower and of the Bank ix. The performance of NTPC was satisfactory in respect of compliance with the loan covenants, except for the one requiring NTPC's accounts receivable to be reduced to a level not exceeding an arnount equivalent to the preceding two months of billing. Bill collection has been a persistent problem with NTPC because of the poor financial situation of many SEBs and the lack of an appropriate contractual framework. At the end of FY90, NTPC's level of accounts receivable was equivalent to seven months of sales. In mid- 1990, the Bank decided to cancel the processing of a new loan of US$375 million to NTPC, which was negotiated. From mid-1990 to mid- 1993, GOI introduced a number of policy reforms in the power sector which enabled NTPC to take remedial measures to efficiently manage its commercial operations. As a result, better collection from the SEBs and payments by GOI through Central Appropriations (CA) on behalf of the SEBs helped NTPC gradually reduce its accounts receivable. As part of the conditionality under the NTPC Power Generation Project (Ln. 3632-IN; FY93), the Bank agreed that for the purpose of monitoring compliance with the two months accounts receivable covenant, the amounts still due from CA were to be excluded. As of March 31, 1993 (end of FY93), NTPC was in compliance with the accounts receivable covenant thus modified. Based on this data, Ln. 3632-IN was approved by the Board of Executive Directors in June 1993. However, during the first three months of FY94, NTPC bill collection performance dropped again to about 72% and there was little evidence that NTPC was applying the newly adopted commercial policies by regulating power to defaulting SEBs. At the end of various communications between the Bank, GOI and NTPC, in February 1994, the Bank agreed with GOI and NTPC, that GOI and NTPC would refrain from submitting disbursements applications under Ln.2844-IN (National Capital Power project) and under the generation component of Ln.2845-IN (Talcher Thermal Project) until NTPC was in compliance with the agreed receivable covenant. Ln.2674-IN was excluded because the loan was closed on December 31, 1993. In addition to the informal suspension of disbursements, Ln. 3632-IN was not declared effective. Following further remedial actions by GOI and NTPC, the latter was, as of May 31, 1994, able to comply with the covenant, as amended. GOI began once again submitting disbursements applications and the Bank declared Ln. 3632-IN effective. NTPC's accounts receivable performance is being monitored on a monthly basis (Part I, paras. 13-16). x. The Bank remained intimately involved, from the preparation of the project through project completion. It maintained good relations with GOI and NTPC throughout the execution of the  -iv - project, in spite of occasional tensions during the procurement of the Kawas Power Plant and during the period remedies to NTPC's accounts receivable problem were brought by GOI and NTPC. In addition to helping to the liquidation of accumulated arrears of SEBs, the Bank was instrumental in helping NTPC correct a number of shortcomings of broader sectoral concerns in their operations, such as, the introduction of a more comprehensive approach towards environmental protection and resettlement and rehabilitation (R&R) issues and the establishment of a training institute to develop human resources. However, the Bank should have addressed the unsatisfactory accounts receivable position and NTPC's failure to meet the associated loan covenants much earlier on and acted more firmly. The Bank let this default go on far too long before beginnring to consider using its remedies, and thus had a more difficult time dealing with the problem which would have been easier if tackled earlier. Project Outcome xi. Overall, the project has been successful in meeting its principal objectives. The physical targets of the generation components were achieved. The project assisted in the transfer of know-how through the construction of the first ever combined cycle power plants in India and the improvement of financial discipline in NTPC's operations that has increased its credibility and potential to borrow from conmmercial sources. Findings and Lessons Learned xii. Major findings are as follows: (a) The project was instrumental in introducing in India the combined cycle technology for the first time based on a feasibility report prepared in 1985 (Part I, para.4); (b) The three combined cycle power plants, using natural gas as fuel, has been able to releive the pressure on the coal sector, as well as on the railways, correspondingly. Had this been equivalent coal-fired generation, the project would have required at least 5 nillion tons of coal per year to be moved in more than 71,000 box wagons requiring at least 1,000 trips from the mines to the plant sites (Part L para. 19); (c) Single tum-key contracts for the main plant and equipment, especially for this new technology, proved to be easier to implement and manage (Part I, para. 30); (d) The procurement cycle, starting from issuing of bid invitation to contract award, could be significantly shortened. Delays in the procurement cycle caused slippage of the project implementation schedule as compared to the schedule set at appraisal. NTPC should make its own procurement decisions independent of any external involvement in the process (Part I, para. 32);  v (e) Procurement should be completed during the bid validity period to avoid complications. In the event bid validity is extended, the bidders' right to adjust implementation schedule accordingly should also be recognized (Part I, para. 33); (f) Technical specifications for equipment should be based on proven technology and proven perforrnance record only (Part I, para 35); (g) Departure from the original design concept that would have assured dual-fuel firing capability should not have been made based on the verbal assurance of other govermment agencies. Written contracts should be required between the concerned parties, even though they may be government concems, to bind them legally to an agreement (Part 1, para. 36); (h) The project performance indicates the need for establishing economic prices for the fuels used in power generation in India, particularly for natural gas, so that the power stations may be operated based on comparative efficiencies and economic costs of generation (Part I, para.3 8); (i) The R&R issues had to be revisited again based on Bank guidelines that require the Project Affected Persons (PAP) to be compensated for their losses such that their former living standards and income capacity were at least restored. R&R aspects of a project need to be addressed as a part of the Environmental Impact Assessment and detailed during project preparation (Part I, para. 41), 'j) Violation of loan covenants, especially those dealing with the financial health of the beneficiary, should be addressed immediately as they occur and with firm, action- oriented plans for ensuring early compliance (Part I, para 53); and, (k) The project helped improve NTPC's financial position with the improvement of financial discipline in their operations (Part I, para. 54).   INDIA COMBINED CYCLE POWER PROJECT (LOAN 2674-LN PROJECT COMPLETION REPORT PART I: PROJECT REVIEW FROM BANK'S PERSPECTIVE Project Identity Project Name Combined Cycle Power Project Loan Number Loan 2674-IN RVP Unit South Asia Region Country India Sector: Energy Subsector Power Background 1. In India, responsibility for electricity supply is shared constitutionally between the Government of India (GOD) and the States. The State Electricity Boards (SEB) and the Regional Electricity Boards are controlled by the States; the Department of Power within the Ministry of Energy of the GOI administers the Central Electricity Authority (CEA), the National Thermal Power Corporation (NTPC), the National Hydroelectric Power Corporation (NHPC), the Rural Electrification Corporation (REC), and the Power Finance Corporation (PFC). The SEBs, NTPC and NHPC are charged with the responsibility of promoting the development of the power subsector under the Electricity (Supply) Act of 1948. 2. The performance of SEBs was vitiated by poor quality and persistent unreliability of power systems. Chronic power shortages in the 1970s and the adverse effect these were having on the productive sectors of the economy prompted the GOI to intensify its efforts to balance the demand and supply of electricity. The strategy developed for this purpose was to supplement the efforts of SEBs by installing large power plants, along with associated high voltage transmission lines, in different parts of India where power shortages were acute. The emphasis was on: (a) accelerating the development of hydropower potential and large coal-fired power plants at pit-head locations and in the proximity of load centers; (b) improving the efficiency of the thermal power plants and reducing losses in the transmission and distribution networks; (c) expanding the rural electrification program; and (d) strengthening the organization and management capabilities of the SEBs. 3. Performance of the coal-fired power plants, however, became extremely unreliable because of deteriorating quality of the coal which caused frequent equipment breakdowns. Furthernore, the increase in the number of coal-fired power stations imposed severe burdens on the coal industry and the railways. The finding of natural gas in large quantities in the western off-shore region in the late  1970s, had prompted GOI to adopt the policy of utilizing the gas entirely for the premium markets comprising fertilizer and petrochemical industries. But because of delays in the construction of these industries and the supporting infrastructure, large volumes of excess gas were being flared. This economic opportunity prompted GOI to decide in favor of utilizing some of the gas for power generation. Gas-based power generation is environmentally clean, offers higher efficiency when operated in the combined cycle mode, as well as a much shorter gestation period. As an added advantage, it is possible to operate the plant with the gas turbines alone in an open cycle mode as soon as they could be installed, while the back end of the plant comprising the waste heat recovery boiler and the conventional steam turbine and generator plant was still under construction. 4. A feasibility report in support of the Combined Cycle Power Project was prepared by NTPC in 1985. This report concluded that three power plants could be built at Anta in Rajasthan, Auraiya in Uttar Pradesh and Kawas in Gujarat, totaling a combined generating capacity of about 1,500 MW. These areas were far away from coal mines, and also near the 1,700 km HBJ gas pipeline from Hazira to Jagadishpur, traversing the States of Gujarat, Madhya Pradesh and Uttar Pradesh, with a spur into Rajasthan. Appraisal of the project by the Bank in September 1985 confirmed these conclusions. Project negotiations were held with the Bank in Washington in February 1986 and the loan of US$ 485.0 equivalent was approved by the Board in April 1986. The Implementing Agency (NTPC) at the Time of Project Appraisal 5. GOI was the Borrower of the loan; NTPC was the implementing agency with the Borrower's assistance, under a subsidiary loan agreement. NTPC was formed in 1975 to construct and operate large power stations and associated transmission facilities. It sells bulk power to the SEBs for distribution. At appraisal, NTPC was in the tenth year of an investment program under which it planned to construct and commission by 1999/2000 several large power plants with an aggregate capacity of about 26,000 MW and about 24,000 km of high voltage transnission lines. By the end of 1984/85, NTPC's installed capacity was 2,200 MW. Its very first 200 MW generating unit at Singrauli began commercial operation in 1982. Since then, ten additional 200 MW units were conmmissioned; four at Singrauli, three at Korba, and three at Rarnagundam. 6. NTPC's net earnings in 1983/84 exceeded forecasts and yielded a rate of return (ROR) of about 11 percent based on historically valued assets. The equivalent ROR on revalued assets, calculated on a proforma basis, was slightly more than 5 percent. Cash generation measured as a percentage of average annual capital investment requirements was, however, only about 3 percent, primarily because of the scale of existing operations and a very large investment program. NTPC's debt-equity ratio at the end of 1983/84 was 26:74; however, it already had serious bill collection problems at the time. By and large, its overall financial performance in 1983/84 and its financial position at year end were satisfactory.  -3- NTPC at the Time of Project Completion 7. By end 1993, NTPC operated about 18 percent of India's total installed generating capacity and 26 percent of the thermal capacity. Its share in India's total power supplies reached about 22 percent of total generation. NTPC has demonstrated that Government owned power utilities can also be operated at acceptable efficiency levels. It is managed by a corporate culture based on professional pride of successful accomplishments through a highly motivated staff. 8. As a part of the Bank's ongoing dialogue with GOI and NTPC, the Government has introduced a nurnber of policy reforms aimed at increasing commercialization and efficiency of NTPC's operations, as well as fostering private sector participation in the generation of power. These reforrms include: (a) improvement of generating efficiency; (b) transfer of NTPC's transmission systems and corresponding liabilities, including associated personnel, to the POWERGRID, created in 1989; (c) introduction of commercial and investment policies that permit NTPC to cut off power to consumers, whenever physically and technically feasible, for non- compliance with agreed terins of bulk power supply agreements, while delaying investments in non-complying states; (d) undertaking projects in one region with a substantial part of the output allocated to other regions; (e) entering into undertakings with foreign and local private partners to develop power projects either from its own resources or those offered by others; and (f) introducing two-part bulk tariff, comprising a fixed-cost part and a variable-cost part, which allows NTPC to set its tariff under the fixed cost part well in line with the LRMC and pass fuel price variations to the consumers under the variable part. The fixed-cost part of the tariff will, however, slowly (in line with inflation) fall below the LRMC as assets are not revalued. Financial Aspects 9. NTPC's operating data, summarized in the table below, reflect the significant growth the Corporation experienced. During the last seven years, from FY88 to FY94, generating capacity was added continuously at an average annual rate of 26% and the value of average net fixed assets grew at an average annual rate of 29%. The pace of growth, however, has been declining. The level of capital investment has been stagnant since FY91 (except for an increase in FY92 due to the transfer of Unchahar assets to NTPC). During FY88-94 capital investment grew annually at a rate of 5 %, but in real termns the growth rate was negative (-5 %). Capital works in progress remained flat from FY88 to FY91, but there has been some modest increase since FY92.  - 4 - NTPC's Operating and Financial Performance, 1988-94 Comparison of Actual Data and Combined Cycle Power Prolect SAR Forecasts 19e 1959 199 19St 1992 1993 1994 DESCRIPTION M%. tal R Actua SPR AI A ct l AR Actual 5 ctuail SARM Acul Fost EEF o t Emm Form Fo2 NtFixedAssatu inOperation(RsMillion) 50537 28439 90218 41716 115011 65418 138779 85548 161484 120344 174275 105839 196872 112120 Capital Works in Progress (Rs Million) 60881 52187 42381 57062 53097 52360 58207 56039 64878 .70080 83582 e8e85 97809 80798 Installed Capacity (MW) - 3600 - 5220 - 7418 - 9205 - 11333 - 13054 - 14529 Electricity Sales (GWh) 1637