FGD policy uncertainty
Government may stop issuing new FGD tenders; though NTPC is hedged via cost-plus mechanism, any change could impact project timelines.
NTPC / Q2-FY25 / risks
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Ntpc · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Rising thermal project costs
CapEx per MW for new thermal projects has risen beyond ₹12 crore due to mandatory air-cooled condensers and limited bidders.
Under-recovery from disincentives
Under-recovery increased to ₹495 crore in Q2 from ₹381 crore last year due to higher planned outages (6.12% vs 5.19%).
PPA signing delays for thermal projects
Some thermal projects (e.g., Gadarwara Stage-II) have only 68% PPA consent; balance expected in four months but could slip.