Odisha Power Generation Corporation

What Odisha Power Generation Corporation does

Odisha Power Generation Corporation Limited (OPGC) is a wholly owned Government of Odisha public sector undertaking, incorporated on 14 November 1984 and headquartered in Bhubaneswar. It operates the IB Thermal Power Station (ITPS) at Banharpali, Jharsuguda district — Odisha's largest power generating facility — comprising four units: two legacy 210 MW subcritical units and two newer 660 MW supercritical units, totaling 1,740 MW of installed coal-based capacity. OPGC is vertically integrated with the Manoharpur Coal Mine (8 MTPA) supplying captive fuel feedstock, and it produces and monetizes by-products including fly ash, pond ash, and (from FGD systems on the 660 MW units) gypsum. The company is pursuing its first renewable addition: a 50 MWAC grid-connected solar PV plant paired with a 10 MW/40 MWh battery energy storage system at the earth-capped Ash Pond-B, tendered via EESL with an 18-month execution window.

OPGC's business model is that of a regulated, cost-plus utility: bulk power is sold to GRIDCO and the state distribution companies under multi-year tariffs determined by the Odisha Electricity Regulatory Commission (OERC), with the retail tariff held unchanged for five consecutive fiscal years (FY2022-23 through FY2026-27). Generation capacity is dispatched into the state grid via OPTCL for transmission, and ancillary revenue streams are generated through by-product sales and an EOI-based vendor enlistment program for ash utilization. The company's go-to-market is exclusive B2G: it does not compete on price or marketing but participates in OERC tariff proceedings, government tenders for new capacity, and a structured RFP/EOI process for vendors (with EMD collection via BillDesk and MSME invoice discounting via TReDS/Invoicemart). OPGC supports its operations with structured EHS management, an EMS under development aligned to ISO 14001, scheduled CSR programs under Schedule VII of the Companies Act 2013, and annual sustainability reporting.

OPGC's customer base is highly concentrated: GRIDCO is the principal offtaker, with subsequent transmission by OPTCL and distribution to end consumers via state discoms. Operating geographies are limited to Odisha and adjacent Eastern Indian markets, and the company has no privately listed securities (it remains a state PSU). Recent strategic posture includes a new Managing Director appointed in February 2025, a Multi-Year Tariff determination for Units 3&4 covering FY2024-25 to FY2028-29, an MYT filing for Units 1&2 for FY 2026-27, expansion into renewable generation and energy storage, and operational integration of digital compliance and payment platforms (ManuComply, BillDesk, TReDS).

Name

Odisha Power Generation Corporation

Legal name

Odisha Power Generation Corporation Limited

Website

https://opgc.co.in

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Odisha Power Generation Corporation (OPGC) is a Government of Odisha-owned thermal power utility that operates the 1,740 MW IB Thermal Power Station in Jharsuguda, selling bulk electricity under regulated tariff to state-owned GRIDCO and discoms, with captive coal supply from the Manoharpur mine and a first renewable addition under tendering.

Ownership category

akta.pro rank

Product category

Thermal Power Generation

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Integrated Gasification Combined Cycle (IGCC) Coal Power Plants (EUACAAAE)

akta.pro secondary industries

Owner’s Engineering, Grid Interconnection & System Studies (PVsyst/Performance Modeling, Protection Studies) (EUACAGAG), Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE)

Keywords

• Thermal power generation
• Bulk electricity supply
• Captive coal mining
• Renewable energy projects
• Power utility services

Headquarters

HQ city

Bhubaneswar

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Bulk Power Sales: OPGC generates electricity through its thermal power stations and sells power in bulk to GRIDCO and other state distribution companies under regulated tariff determined by Odisha Electricity Regulatory Commission (OERC). Revenue is derived from capacity charges and energy charges as per multi-year tariff orders.
2. Renewable Energy Projects: Development of solar PV plants with battery energy storage systems, generating additional power capacity and revenue through renewable energy projects under government tenders
3. Fly Ash and By-product Sales: Sale of fly ash and pond ash to cement manufacturers and construction companies, utilizing coal combustion by-products from power generation operations

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

OPGC operates the IB Thermal Power Station (ITPS) at Banharpali, Jharsuguda district, comprising Units #1&2 (2x210 MW) and Units #3&4 (2x660 MW supercritical) coal-fired thermal units, generating electricity that is sold in bulk to GRIDCO and state distribution companies under tariffs regulated by the Odisha Electricity Regulatory Commission. The company also operates the captive Manoharpur Coal Mine (8 MTPA) and is developing a 50 MWAC solar PV plant paired with 10 MW/40 MWh BESS to diversify its generation portfolio.

Product overview

OPGC operates as a multi-unit thermal power generator with a diversified energy portfolio. Its core product is electricity generation at the IB Thermal Power Station (ITPS) comprising two distinct phases: Units #1&2 (2×210 MW) and Units #3&4 (2×660 MW supercritical), backed by captive coal supply from the Manoharpur Coal Mine (8 MTPA). Adjacent to its thermal operations, OPGC is expanding into renewable energy through a 50 MWAC solar PV plant paired with a 10 MW/40 MWh BESS at the ash pond site. The company also derives value from combustion byproducts — fly ash, pond ash, and gypsum — distributed to construction material manufacturers. Supporting services include an Environmental Management System aligned with ISO 14001, a structured CSR program, sustainability reporting, and annual insurance coverage. The product portfolio is unified in its purpose (reliable, affordable power generation for Odisha) but differentiated across generation technology (thermal vs. solar+BESS), byproduct streams, and sustainability/CSR services.

Differentiator

Problem solved

Functional benefit

Products and services

• IB Thermal Power Station (ITPS)
• Solar PV Plant with Battery Energy Storage System (BESS)
• Manoharpur Coal Mine
• Fly Ash and Pond Ash Byproducts
• Gypsum

Quantifiable outcome

• 1171.248 MU total generation in May 2026
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Energy Efficiency Services Limited (EESL)coreStrategic or Co-development Partner · 9 June 2026EESL issued a domestic competitive bidding tender on behalf of OPGC for development of a 50 MWAC solar PV plant paired with a 10 MW/40 MWh Battery Energy Storage System at the IB Thermal Power Station in Jharsuguda district. The selected contractor will complete the project within 18 months of Notice to Proceed. Bidders must submit ₹25,000 non-refundable fee and ₹9.05 crore EMD.
• Grid Corporation of Odisha Ltd. (GRIDCO)coreChannel Partner/ Reseller/ DistributorGRIDCO is the state-owned power procurement and trading entity that purchases bulk power from OPGC for transmission and distribution across Odisha
• Odisha Electricity Regulatory Commission (OERC)coreOthersOERC is the statutory regulatory body that determines OPGC's tariff, approves power procurement costs, and ensures compliance with electricity regulations in Odisha
• Odisha Power Transmission Corporation Ltd. (OPTCL)coreOthersState transmission utility responsible for power wheeling and grid management, connecting OPGC's generation to distribution networks
• Green Energy Development Corporation of Odisha Ltd. (GEDCOL)minorStrategic or Co-development PartnerState entity focused on green energy development in Odisha, listed as related link indicating potential collaboration on renewable energy initiatives
• National Thermal Power Corporation (NTPC)minorOthersNational thermal power utility listed as related link, indicating potential industry collaboration or benchmark reference
• Odisha State Government - Energy DepartmentcoreStrategic or Co-development PartnerHigh-level review meetings chaired by Chief Secretary focusing on affordable power, infrastructure upgrades, renewable energy integration including Pumped Storage Projects and Floating Solar PV systems, 765/400 KV substations, and 220 KV ring networks

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Reliance Power: Private-sector power generator operating large ultra-mega coal-fired projects (e.g., Sasan). Comparable in ultra-supercritical coal-fired generation scale though primarily private-sector with a different offtake model.
• Tata Power: Major integrated private power company with thermal generation (Mundra, Trombay) and growing renewable portfolio. Comparable on coal-fired generation and recent pivot to renewables including solar and storage, though diversified across geographies and customer segments.
• JSW Energy: Private-sector thermal and renewable power generator with operations including Vijayanagar and Ratnagiri plants. Comparable in coal-fired generation footprint and recent expansion into renewables and storage, though operating on a commercial (not PSU) basis.
• Adani Power: Largest private-sector thermal power generator in India operating multi-GW coal-fired plants with PPA-based offtake. Comparable in core coal-fired generation activity though operating at significantly larger scale and with merchant/PPA mix rather than single-state PSU structure.

Regional players

• CESC Limited: Vertically integrated private power utility with coal-fired generation and licensed distribution in West Bengal. Comparable as an integrated generator-distributor operating thermal plants, though geographically focused on a different state.

Direct peers

• NTPC Limited: India's largest state-owned thermal power generator with a mix of coal, gas, and renewable capacity. Directly comparable as a public-sector thermal IPP selling bulk power to state distribution entities under regulated tariff frameworks. OPGC itself lists NTPC as a related/industry peer reference.
• Gujarat State Electricity Corporation (GSECL): State-owned thermal and renewable power generator for Gujarat operating multiple coal-fired stations. Comparable as a state PSU generator with diversified generation portfolio and captive fuel arrangements selling to state distribution entities.
• Rajasthan Vidyut Utpadan Nigam (RVUNL): State-owned power generation company for Rajasthan with thermal and renewable assets. Comparable business model and regulatory setup as a state PSU generating coal-based power for sale to the state distribution utility under RERC tariff orders.
• TANGEDCO (Tamil Nadu Generation and Distribution Corporation): State-owned integrated power utility for Tamil Nadu with substantial thermal generation fleet. Comparable in scale and structure as a state-level thermal IPP/utility serving state distribution load under TNERC regulation.
• Maharashtra State Power Generation Company (MAHAGENCO): State-owned thermal power generator for Maharashtra with multi-unit coal-fired stations (e.g., Koradi, Chandrapur). Closely comparable business model as a state PSU operating large coal-fired thermal plants selling to a single state distribution utility under state regulatory commission tariffs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/odishapowergenerationcorporationlimited

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Odisha Power Generation Corporation