BlackRock’s Mytrah Says Able to Produce Wind Power Cheap as Coal (in India)

[jpak]

http://www.bloomberg.com/news/2012-01-16/blackrock-s-mytrah-says-able-to-produce-wind-power-cheap-as-coal.html

Mytrah Energy Ltd (MYT)., an Indian wind- farm builder held by BlackRock Inc. (BLK), says it’s able to produce power as cheap as developers of coal-fired plants because rising demand for the fossil fuel has increased import prices.

“With increased reliance on imported coal in India, we believe that our cost of production of electricity is reaching parity, or better than, new thermal capacity being developed,” Executive Director Alastair Cade said in a London interview.

A forecast 8 percent gain in the price of coal in Asia this year may boost competitiveness of clean energy producers such as Mytrah, which is also backed by Henderson Global Investors Ltd., Capital Research Global Investors and Eton Park International LLP. About half the thermal power stations in India, the third- largest coal user, have stocks of fewer than seven days against normal levels of 15 to 30 days, the regulator said this month.

“Wind power prices have either remained stable or seen a much lower increase,” said Ashish Sethia, Bloomberg New Energy Finance’s India country manager, said by e-mail from New Delhi. “Rates of new build coal power projects have risen steadily in the last two years due to an increased non-availability of domestic coal, pushing developers to opt for imports.”

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