The operator of the Yallourn power station says it does not expect the plant will return to full capacity until summer.
The mine was was swamped by floodwaters in June and only three of the four generator units are back online.
Tru Energy spokesman Michael Hutchinson says it could take four months to pump the remaining 50,000 megalitres of water out of the mine.
He says Yallourn's second coal conveyer cannot operate until much of that water is pumped out.
"We expect to have the second conveyer up and running by October," he said.
"When we need to bring the fourth unit back into service will depend on electricity demand and the market," he said.
"Typically our peak demand is in the summer period, so December through to February."
Mr Hutchinson says they have enough coal to run the four units.
"But we are currently conserving our coal. With two conveyers we have reliability. If we lose that conveyor, we can lose our generation very quickly," he said.
© ABC 2012
17:25 EST With lots of talk about the cracker start to the grain growing season, there are plenty of farmers who've missed out on that precious rain.