Electricity Tariff And CurtailmentDownward pressure in electricity tariff, climbing curtailment rate, and higher coal prices are negative for earnings growth.
Financial RiskHigh financial risk from the company’s stretched balance sheet, with an almost 400% net debt-equity ratio, which is the highest amongst its peers.
Utilization And Tariff DeclineAverage electricity tariff down 2.9% while average utilization hour dropped c.6%.