Haryana Power Generation Corporation

What Haryana Power Generation Corporation does

Haryana Power Generation Corporation Limited (HPGCL) is a state-owned power generation corporation incorporated in 1997 under the Government of Haryana, operating from its headquarters in Panchkula. The corporation generates and supplies electricity to the state through an installed capacity of approximately 2,617 MW across thermal (2,510 MW), hydro (39.4 MW) and solar (10 MW) sources. Operating facilities include Panipat Thermal Power Station (710 MW across three units), Deenbandhu Chhotu Ram Thermal Power Plant at Yamunanagar (600 MW across two 300 MW supercritical units), Rajiv Gandhi Thermal Power Plant at Khedar, Hisar (1,200 MW across two 600 MW units), WYC Hydro Electric Station (39.4 MW) and a 10 MW solar project at Panipat. The company's technology portfolio includes first-in-India deployment of 600 MW supercritical units at RGTPP, zero-effluent discharge design at DCRTPP, and ISO 9001/14001/45001 certified operations.

HPGCL operates as a regulated wholesale utility, selling power exclusively to Haryana's two state-owned distribution companies — Dakshin Haryana Bijli Vitran Nigam (DHBVN) and Uttar Haryana Bijli Vitran Nigam (UHBVN) — through Power Purchase Agreements with tariffs determined annually by the Haryana Electricity Regulatory Commission (HERC). Revenue mechanics consist of fixed cost recovery (Rs 1,960.34 crore filed for FY 2026-27) plus variable cost pass-through. The go-to-market is fully channeled through state discoms; HPGCL has no retail or direct-customer relationships. The business model is subscription-recurring in nature, governed by regulatory tariff cycles rather than market-based pricing.

The corporation is pursuing a significant capacity expansion, with environmental clearance received in January 2025 for a 1x800 MW ultra-supercritical thermal unit at DCRTPP Yamunanagar developed with BHEL. HPGCL is also operationalizing the Kalyanpur-Badalpara coal block in Jharkhand for fuel security under the central Shakti Scheme and pursuing an additional 800 MW expansion at RGTPP Khedar. The company faces material financial headwinds, with Haryana's power corporations carrying outstanding liabilities of Rs 20,311 crore and cumulative losses of Rs 27,915 crore as of March 2025, and discoms holding Rs 8,200 crore in arrears. HPGCL is also subject to an ongoing CBI and Enforcement Directorate investigation into an alleged Rs 590-661 crore banking fraud case involving former Director Finance Amit Dewan.

Name

Haryana Power Generation Corporation

Legal name

Haryana Power Generation Corporation Limited

Website

https://hpgcl.org.in

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Haryana Power Generation Corporation Limited (HPGCL) is a state-owned power generation utility under the Government of Haryana, India, operating 2,617 MW of thermal, hydro, and solar generation capacity serving the state's two distribution companies (DHBVN and UHBVN) under HERC-regulated tariffs.

Ownership category

akta.pro rank

Product category

State Power Generation (Thermal, Hydro, and Solar)

NAICS

Fossil Fuel Electric Power Generation (221112), Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Supercritical & Ultra-Supercritical Coal Power Plants (EUACAAAB)

akta.pro secondary industries

Pulverized Coal (PC) Power Plants (EUACAAAA), Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

Keywords

• Thermal power generation
• Hydroelectric power generation
• Solar power generation
• State power utility
• Regulated electricity generation

Headquarters

HQ city

Haryana

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Generation and Sales: HPGCL generates electricity from its thermal, hydro, and solar power plants and sells power to state distribution companies (DHBVN and UHBVN) under power purchase agreements. Revenue is determined through tariff filings with HERC, with fixed cost requirements and variable costs approved annually. The company seeks generation tariff approval for its thermal plants.
2. Coal Block Operations: HPGCL operates the Kalyanpur-Badalpara coal block in Jharkhand's Dumka district to ensure long-term coal supply for its power plants. Coal linkage has been earmarked under the Central government's Shakti Scheme for the 800 MW expansion at RGTPP Khedar.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Core offering

HPGCL generates electricity through coal-based thermal, hydroelectric, and solar photovoltaic power plants across Haryana state, operating five running plants with combined capacity of approximately 2,617.2 MW. All generated power is sold wholesale under regulated tariffs to the state's two distribution companies (DHBVN and UHBVN), which then deliver electricity to end consumers in Haryana. The company is also constructing an additional 800 MW ultra-supercritical thermal unit at Yamunanagar to expand baseload capacity.

Product overview

Haryana Power Generation Corporation Limited (HPGCL) operates as a state-owned power generation company managing a portfolio of thermal, hydro, and solar power assets. The company maintains five running power plants: Panipat Thermal Power Station (710 MW across three units), Deenbandhu Chhotu Ram Thermal Power Plant in Yamunanagar (600 MW across two units), Rajiv Gandhi Thermal Power Plant in Hisar (1,200 MW across two 600 MW units), WYC Hydro Electric Station (39.4 MW hydro capacity), and Panipat Solar Power Project (10 MW). An 800 MW ultra-supercritical thermal unit expansion at DCRTPP Yamunanagar is currently under implementation. The company is committed to eco-friendly power generation with zero effluent discharge systems and fly ash utilization.

Differentiator

Problem solved

Functional benefit

Products and services

• Panipat Thermal Power Station (PTPS, Panipat) Coal-based thermal power generation plant located in Panipat, Haryana, operating three units (210 MW, 250 MW, 250 MW) for combined capacity of 710 MW, plus an integrated 10 MW solar project. Power is sold wholesale to state distribution companies under regulated tariffs.
• Deenbandhu Chhotu Ram Thermal Power Plant (DCRTPP, Yamunanagar) Coal-based thermal power plant at Yamunanagar with two 300 MW units (Unit-I and Unit-II) totaling 600 MW, designed with 'Zero Effluent Discharge' to minimize environmental impact on surrounding villages and the city.
• Rajiv Gandhi Thermal Power Plant (RGTPP, Hisar / Khedar) Coal-based thermal power plant at Khedar, Hisar, operating two 600 MW units (Unit-1 and Unit-2) with combined capacity of 1,200 MW — India's first 600 MW-class thermal units — capable of supplying 288 lakh additional units of electricity daily when operating at rated capacity.
• WYC Hydro Electric Station, Yamuna Nagar Hydroelectric power station in Yamuna Nagar district operating four power houses (A, B, C, D) with combined installed capacity of 39.4 MW, generating clean power from local water resources.
• Panipat Solar Power Project Solar photovoltaic power generation facility with 10 MW installed capacity at Panipat, contributing renewable energy to Haryana's generation portfolio and supporting HPGCL's clean energy commitments.
• 1x800 MW Ultra-Supercritical Thermal Unit (DCRTPP Expansion, Yamunanagar) High-efficiency 800 MW ultra-supercritical thermal expansion unit at DCRTPP Yamunanagar, being set up as an extension of the existing 2x300 MW units. The project has received environmental clearance and is being developed with BHEL for equipment and technical expertise.
• Wholesale Power Generation and Supply Services Bulk electricity generation and supply service providing regulated wholesale power to Haryana's state-owned distribution companies (DHBVN and UHBVN) through long-term power purchase agreements. Service covers thermal, hydro, and solar generation to ensure sufficient, uninterrupted, and environmentally compliant power supply.

Quantifiable outcome

• 2,617.2 MW of generation capacity added since HPGCL creation - 300%+ increase
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• NTPC and Government of DelhicoreStrategic or Co-development PartnerHPGCL participated as joint venture partner with NTPC and Government of Delhi in developing the 3x500 MW (1500 MW) Indira Gandhi Super Thermal Power Project at Jhajjar. This was a major public sector collaboration for power generation capacity addition.
• CLP Power India Pvt. LimitedcoreStrategic or Co-development PartnerHPGCL was associated with CLP Power India for the 2x660 MW (1320 MW) Mahatma Gandhi Super Thermal Power Project at Jhajjar, developed under Case-2 competitive bidding process. This is a Public Private Partnership example.
• BHEL (Bharat Heavy Electricals Limited)coreTechnology or IntegrationHPGCL is developing a new 1x800 MW ultra-supercritical thermal unit in Yamunanagar with assistance from BHEL. BHEL provides equipment and technical expertise for the supercritical technology deployment.
• Ministry of Coal, Government of IndiacoreOthersHPGCL was allotted the Kalyanpur-Badalpara coal block in Dumka district, Jharkhand. The company is working to make the coal block operational by government deadline to ensure long-term fuel security for power generation.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• NTPC Limited: India's largest power generator with over 75 GW of installed capacity, predominantly coal-based thermal. HPGCL partnered with NTPC for the 1,500 MW Indira Gandhi Super Thermal Power Project, making NTPC a direct public-sector peer with comparable supercritical/ultra-supercritical technology and similar regulatory framework.
• Tata Power: Integrated power company with thermal generation capacity across India. Comparable as a major Indian power generator with supercritical coal-based units serving state distribution companies under PPAs, though Tata Power's portfolio spans renewables, transmission, and distribution.
• NHPC Limited: India's largest hydroelectric power generator, central PSU under Ministry of Power. Comparable to HPGCL's hydro operations (39.4 MW WYC Hydro Electric Station) as a state-owned generator regulated by CERC/HERC, with similar capital-intensive project execution profile.

Direct peers

• Adani Power: One of India's largest private thermal power producers with over 17 GW capacity, including supercritical units. Directly comparable to HPGCL as a coal-based thermal generator selling to state discoms under long-term PPAs, operating in similar regulatory environment governed by CERC/state electricity regulatory commissions.
• Rajasthan Vidyut Utpadan Nigam Limited (RVUNL): Rajasthan's state-owned power generator with thermal, hydro, and solar assets. Comparable to HPGCL as a state PSU with a diversified generation mix serving state discoms under regulated tariffs, navigating similar renewable transition and tariff recovery challenges.
• Reliance Power: Private Indian power generator operating coal-based ultra-supercritical thermal plants (including Sasan Ultra Mega Power Project). HPGCL was associated with CLP Power for a similar 1,320 MW Jhajjar ultra-supercritical project, making Reliance Power a comparable private ultra-mega thermal operator with similar supercritical technology.
• JSW Energy: Private Indian power generator with thermal (supercritical) and renewable capacity. Closely comparable to HPGCL as a coal-based thermal generator expanding into renewables, with PPAs to state discoms and similar regulatory exposure.
• Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL): Uttar Pradesh's state-owned thermal power generator with significant coal-based capacity. Closely comparable to HPGCL as a state PSU operating thermal plants, selling to state discoms, facing similar fuel and regulatory challenges, and recently involved in expansion projects.
• Gujarat State Electricity Corporation Limited (GSECL): Gujarat's state-owned power generation utility operating thermal, hydro, and solar plants. Comparable to HPGCL as a state PSU generator with similar asset mix, regulatory framework (state electricity regulatory commission), and PPA structure with state discoms.

Regional players

• Punjab State Power Corporation Limited (PSPCL): Punjab's state-owned power utility, operating thermal and hydro plants. Comparable to HPGCL as a neighboring state-owned generation corporation facing similar regulatory, fuel, and water constraints in northern India, with regulated tariff structure and state discom customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/hpgcl_hry
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/haryana-power-generation-corporation-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

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 Haryana Power Generation Corporation