NHPC brings Subansiri Lower capacity to 1,250 MW

NHPC Limited commissioned the fifth 250-megawatt (MW) unit at the 2,000 MW Subansiri Lower Project on October 23, 2026, taking its commissioned capacity to 1,250 MW. Five of the project’s eight 250 MW units have now been commissioned, compared with four units and 1,000 MW at September 30, 2026.

What did NHPC commission at Subansiri Lower?

NHPC commissioned the fifth 250 MW unit of the 2,000 MW Subansiri Lower Project on October 23, 2026. The project has eight units of 250 MW each, and the latest commissioning raised installed capacity to 1,250 MW, according to the financial-results note approved by the board on November 4, 2026.

The fifth unit followed the commissioning of the fourth 250 MW unit during the half year ended September 30, 2026. At that date, four of eight units had been commissioned, taking capacity to 1,000 MW. The October 23 addition increased commissioned capacity by 250 MW, or 25%, from the September-end level.

Three units with combined capacity of 750 MW remain to be commissioned. NHPC did not disclose a commissioning schedule for those units in its November 4, 2026 filing, so the announcement confirms the current 1,250 MW position rather than a completion date for the full 2,000 MW project.

How has Subansiri Lower contributed to NHPC sales?

NHPC provisionally recognised Rs 678.17 crore in Subansiri Lower sales for the quarter ended September 30, 2026 and Rs 1,252.48 crore for the half year ended September 30, 2026. The company had filed a tariff-fixation petition for the project with the Central Electricity Regulatory Commission, or CERC, and recorded these amounts pending its approval.

The corresponding previous-quarter and previous-half-year Subansiri Lower sales were nil. The half-year figure relates to commissioning progress through September 30, when four units totalling 1,000 MW had been commissioned; the fifth unit came online after the reporting date, on October 23, 2026.

NHPC did not separately quantify sales from the fifth unit because it was commissioned after September 30. The filing therefore does not indicate how much revenue the additional 250 MW unit generated after commissioning or what its contribution may be in later reporting periods.

Why are NHPC sales from Subansiri Lower provisional?

NHPC sales from Subansiri Lower are provisional because CERC has not yet approved the project tariff. NHPC said it has filed a petition for tariff fixation and recognised Rs 678.17 crore in September-quarter sales and Rs 1,252.48 crore for the September half year while that approval remains pending.

CERC notified tariff regulations for April 1, 2024 to March 31, 2029 on March 15, 2024. NHPC said it has filed petitions for tariff truing-up for 2019-24 and tariff fixation for 2024-29, while customers are billed according to the Annual Fixed Charge, or AFC, approved for 2024-29.

For power stations without a notified tariff order for 2024-29, NHPC said customers are billed using the AFC approved as of March 31, 2024. The filing gives neither a final Subansiri Lower tariff nor a date for CERC’s decision, leaving the reported sales subject to the tariff approval process.

What is NHPC’s position at Parbati-II?

NHPC provisionally recognised Rs 553.47 crore in sales from the 800 MW Parbati-II hydroelectric project in the quarter ended September 30, 2026, compared with Rs 217.69 crore in the corresponding previous quarter. Parbati-II was commissioned in financial year 2025-26, and NHPC has also filed a tariff-fixation petition with CERC for that project.

For the half year ended September 30, 2026, Parbati-II provisional sales rose to Rs 917.89 crore from Rs 648.86 crore in the corresponding previous half year. The increase was Rs 269.03 crore, in contrast to Subansiri Lower, where comparable-period sales were nil because its units were commissioned later.

Subansiri Lower and Parbati-II together accounted for Rs 2,170.37 crore of provisional sales in the half year ended September 30, 2026. Subansiri Lower represented Rs 1,252.48 crore of that amount and Parbati-II represented Rs 917.89 crore, with both projects awaiting final tariff approval from CERC.

What other disclosures did NHPC make?

NHPC provided Rs 231.30 crore during the September 2026 quarter and half year against survey and investigation expenditure for the Teesta IV hydroelectric project. The company cited uncertainty over implementation of Teesta IV; the expenditure had been carried as capital work in progress, and no corresponding provision was reported for the previous quarter or half year.

NHPC also said an order remains awaited on the proposed amalgamation of wholly owned subsidiary Jalpower Corporation Limited with NHPC. The Ministry of Corporate Affairs held a hearing on the scheme on September 28, 2026, after NHPC and Jalpower filed their second-motion application on October 6, 2025.

Shareholders approved a final dividend of 21 paise per share for financial year 2025-26 at the annual general meeting on August 28, 2026. The shares have a face value of Rs 10 each, and NHPC said the dividend was paid in September 2026.

Conclusion

NHPC has increased Subansiri Lower’s commissioned capacity from 1,000 MW at September 30, 2026 to 1,250 MW through the October 23 commissioning of its fifth 250 MW unit. The project has five of eight units commissioned, while NHPC provisionally recognised Rs 1,252.48 crore of Subansiri Lower sales for the September half year and Rs 917.89 crore from Parbati-II.

The next disclosed milestones are commissioning of Subansiri Lower’s remaining 750 MW, for which NHPC gave no timetable, and CERC decisions on the tariff petitions for Subansiri Lower and Parbati-II. The awaited Ministry of Corporate Affairs order on the Jalpower amalgamation and the unresolved implementation of Teesta IV, against which NHPC provided Rs 231.30 crore, also remain matters to watch.